Saturday, 19 October 2024 04:28

Naira’s fall continues, reaches new low at parallel market

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Naira’s fall continues, reaches new low at parallel market

The Naira yesterday depreciated to N1,725 per dollar in the parallel market from N1,710 per dollar on Thursday.

However, the Naira appreciated to N1,600.78 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM.

Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,600.78 per dollar from N1,660.49 per dollar on Thursday, indicating N59.71 appreciation for the naira.

The volume of dollars traded (turnover) in the official market grew by 6.2 per cent to $350.72 million from $330.18 million traded on Thursday.

 

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