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Naira depreciates further, sells for N1,490/$ in parallel market
The indicated NAFEM exchange rate increased to N1,483.02 per dollar from N1,482.72 per dollar last weekend, according to data from FMDQ, indicating a 30 kobo devaluation of the naira.
In the parallel market, the value of the Naira dropped from N1,470 per dollar last Friday to N1,490 per dollar yesterday.
In the same way, the value of the Naira decreased on the Nigerian Autonomous Foreign Exchange Market, or NAFEM, to N1,483.02 per dollar.
The indicated NAFEM exchange rate increased to N1,483.02 per dollar from N1,482.72 per dollar last weekend, according to data from FMDQ, indicating a 30 kobo devaluation of the naira.
As a result, last weekend’s difference between the parallel market and NAFEM rates dropped to N6.98 per dollar from N12.72.
