Naira falls to N1,620/$ in parallel market


Naira falls to N1,534 per dollar at official marketThe naira yesterday depreciated to N1,620 per dollar in the parallel market from N1,615 per dollar on Tuesday.

Similarly, the naira yesterday depreciated to N1,615.94 per dollar in the Nigerian Foreign Exchange Market (NAFEM).

Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N1,615.94 per dollar from N1,603.38 per dollar on Tuesday, indicating N12.56 depreciation for the naira.

The market recorded an intraday high of N1,635 per dollar and an intraday low of N1,500 per dollar resulting in a bearing of N135. The volume of dollars traded (turnover) in the market rose by 103.5 percent to $248.75 million from $122.18 million traded on Tuesday.

Consequently, the margin between the parallel market rate and NAFEM narrowed to N4.06 per dollar from N11.62 per dollar on Tuesday.

Previous Article

CBN resumes agric funding with N100bn

Next Article

FG, OPEC disagree on Nigeria’s crude oil production

You may also like

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.