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Naira depreciates to N1,530/$ at parallel market

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The Naira on Wednesday further depreciated to N1,530 per dollar at the parallel market in contrast to N1,525 recorded Tuesday.

The Nigerian Autonomous Foreign Exchange Market (NAFEM) reported that the Naira increased at N1,459.02 per dollar on Wednesday.

Data from FMDQ noted that the indicative exchange rate for NAFEM decreased to N1,459.02 per dollar from Tuesday’s N1,520.4 per dollar, reflecting an appreciation of N61.38 for the Naira.

Due to this, the margin between the parallel market and NAFEM rates widened significantly to N70.98 per dollar from Tuesday’s N5.4 per dollar.

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