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Naira depreciates to N1,625 in parallel market - VANGUARD

SEPTEMBER 02, 2024

By Elizabeth Adegbesan

The Naira Friday depreciated to N1,625 per dollar in the parallel market from N1,615  per dollar on Thursday.

Similarly, the Naira yesterday depreciated to N1,598.56 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM.

Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N1,598.56 per dollar from N1,593.93 per dollar on Thursday, indicating N4.62 depreciation for the naira.

The volume of dollars traded (turnover) in the market increased by 11 percent to $172.8 million from $155.52 million traded on Thursday.

Consequently, the margin between the parallel market and NAFEM rate widened to N26.44 per dollar from N21.07 per dollar on Thursday.

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