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Naira falls to N1,395/$ in parallel market - VANGUARD

MAY 04, 2024

By Elizabeth Adegbesan 


The naira depreciated yesterday to N1,395 per dollar in the parallel market from N1,365 per dollar on Thursday. 

However, the naira appreciated in the Nigerian Foreign Exchange Market, NAFEM, to N1,400.4 per dollar.

Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,400.4 per dollar from N1,402.67 per dollar on Thursday,  indicating N2.27 appreciation for the naira.

The volume of dollars traded (turnover) in the market declined by 13.3 percent to $201.88 million from $232.84 million traded the previous day.

Consequently, the margin between the parallel market and NAFEM rates narrowed to N5.4 per dollar from N37.67 per dollar on Thursday.

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