Naira down to N1,410/$ in parallel market

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In a recent turn of things, the Naira depreciated to N1,410 per dollar in the parallel market, from N1,395 per dollar last weekend. How ever in the Nigerian Foreign Exchange Market, it appreciated to N1,354.21 per dollar.

The FMDQ showed that the indicative exchange rate for NAFEM rose to N1,354.21per dollar from N1,400.4 per dollar last week Friday, indicating N46.19 appreciation for the naira.

The market recorded an intraday high of N1,441 per dollar and an intraday low of N1,285 per dollar resulting in a margin of N156 per dollar. The volume of dollars traded (turnover) in the market declined by 58 percent to $84.83 million from $201.88 million traded the previous day.

Last Friday, the margin between the parallel market and NAFEM rates widened to N55.79 per dollar from N5.4 per dollar.

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