Breaking News
Naira falls again, exchanges for N1,635 in parallel market
The indicative exchange rate for NAFEM dropped from N1,598.56 per dollar to N1,585.77 per dollar over the weekend, according to data from FMDQ, indicating a N12.79 appreciation for the naira. From $172.8 million traded last Friday to $71.18 million this week, the market’s turnover (volume of dollars moved) fell by 58.8%.
In the parallel market, the value of the Naira dropped from N1,625 per dollar last weekend to N1,635 per dollar yesterday.
However, on the Nigerian Autonomous Foreign Exchange Market, or NAFEM, yesterday, the value of the Naira increased to N1,585.77 per dollar.
The indicative exchange rate for NAFEM dropped from N1,598.56 per dollar to N1,585.77 per dollar over the weekend, according to data from FMDQ, indicating a N12.79 appreciation for the naira. From $172.8 million traded last Friday to $71.18 million this week, the market’s turnover (volume of dollars moved) fell by 58.8%.
As a result, last weekend’s N26.44 per dollar spread between the parallel market and NAFEM rate shrank to N49.23 per dollar.
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