Naira falls again, exchanges for N1,610/$ in parallel market

In the parallel market, the value of the Naira fell from N1,600 per dollar on Monday to N1, 610 per dollar yesterday.

In the same way, the value of the Naira decreased on the Nigerian Autonomous Foreign Exchange Market, or NAFEM, to N1,592.06 per dollar. The indicative exchange rate for NAFEM increased to N1,592.06 per dollar from N1,579.22 per dollar on Monday, according to data from FMDQ, suggesting a N12.84 depreciation of the naira.

After trading $162.99 million on Monday, the amount of dollars exchanged (turnover) in NAFEM decreased by 6.5 percent to $152.26 million. As a result, the difference between the NAFEM rate and parallel market dropped from N20.78 to N17.94 per dollar on Monday.