Naira down to N1,585/$ in parallel market

The Naira yesterday depreciated to N1,585 per dollar in the parallel market from N1,575 last week Friday. Similarly, the Naira appreciated to N1,500.32 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM.

Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,500.32 per dollar from N1,596.92 per dollar last weekend, indicating N96.6 appreciation for the naira. The volume of dollars traded (turnover) in the market grew by 7.6 per cent to $269.88 million from $250.67 million traded last week Friday.

Consequently, the margin between the parallel market and NAFEM rates widened to N84.64 per dollar from N21.92 last weekend.

https://www.vanguardngr.com/2024/07/naira-down-to-n1585-in-parallel-market/amp/