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Naira depreciates to N1,735/$ in parallel market - VANGUARD

NOVEMBER 02, 2024

By Elizabeth Adegbesan

The naira on Friday depreciated to N1,735 per dollar in the parallel market from N1,730 per dollar on Thursday.

But the Naira appreciated to N1,666.72 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM.

Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,666.72 per dollar from N1,675.49 per dollar on Thursday, indicating N8.77 appreciation for the naira.

The volume of dollars traded (turnover) in the official market fell by 43.4 percent to $94.20 million from $166.61 million traded on Thursday.

Consequently, the margin between the parallel market and NAFEM rate widened to N68.28 per dollar from N54.51 per dollar on Thursday.


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