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Naira depreciates to N1,645 in parallel market - VANGUARD

SEPTEMBER 07, 2024

By Elizabeth Adegbesan

The Naira on Friday depreciated to N1,645 per dollar in the parallel market from N1,640 per dollar on Thursday.

However, the Naira appreciated to N1,593.32 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM.

 Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,593.32 per dollar from N1,639.41 per dollar on Wednesday , indicating N46.09 appreciation for the naira.

 The volume of dollars traded (turnover) in the market increased by 32 percent to $254.17 million from $185.79 million traded on Thursday.

 Consequently, the margin between the parallel market and NAFEM rate widened to N51.68 per dollar from 59 kobo per dollar on Thursday.


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