Naira Drops to N1,535 Per Dollar in Nigeria’s Parallel Market

Mobel
By Mobel 2 Min Read

Naira Drops to N1,535 Per Dollar in Nigeria’s Parallel Market Yesterday, the Naira experienced a decline in value in the parallel market, depreciating to N1,535 per dollar compared to N1,520 per dollar the previous day.

NAFEM Sees Similar Depreciation

Similarly, the Naira also depreciated in the Nigerian Autonomous Foreign Exchange Market (NAFEM), falling to N1,520.24 per dollar from N1,512.61 per dollar on Wednesday. This marks a N7.63 depreciation in the indicative exchange rate, according to data from FMDQ.

Increase in Dollar Trading Volume

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The volume of dollars traded in the market saw a significant rise, with a 51 percent increase to $173.51 million from $114.91 million traded on Wednesday.

Widening Margin Between Markets

As a result, the gap between the parallel market and NAFEM rates widened, reaching N14.76 per dollar from N7.39 per dollar on Wednesday.

By addressing the key points of Naira’s depreciation in both markets, increasing dollar trading volume, and the widening margin between rates, this article is optimized for search engines to rank higher and provide comprehensive insights into the current state of Naira in the foreign exchange market.

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