Naira slumps to N1,500/$ in parallel market

News Express |9th Feb 2024 | 224

Naira

The naira yesterday depreciated to N1,490 per dollar in the parallel market from N1,470 per dollar on Tuesday, approaching the N1,500 threshold. However, the naira appreciated to N1,455.59 per dollar in the Nigerian Foreign Exchange Market (NAFEM).

Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1455.59 per dollar from N1,482.57 per dollar on Tuesday, indicating N26.98 appreciation for the naira.

Consequently, the gap between the official and parallel market exchange rates widened to N34.41 per dollar yesterday from N12.57 on Tuesday. (Vanguard)

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