Naira Weakens to N1,570/$ in Parallel Market

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The Naira depreciated yesterday to N1,570 per dollar in the parallel market, down from N1,550 per dollar on Tuesday.


In the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira also experienced a decline, falling to N1,581.65 per dollar. According to data from FMDQ, the indicative exchange rate for NAFEM increased to N1,581.65 per dollar from N1,576.66 per dollar on Tuesday, marking a depreciation of N4.99. The volume of dollars traded on the window dropped by 21.7 percent, with $108.16 million traded compared to $138.17 million on Tuesday.


As a result, the gap between the parallel market and NAFEM rates narrowed significantly to N11.65 per dollar from N26.66 per dollar on Tuesday.

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