Naira down to N1,480/$ in parallel market

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The naira yesterday depreciated to N1,480 per dollar in the parallel market from N1,450 per dollar on Wednesday.

But, the naira yesterday appreciated to N1,382.35 per dollar in the Nigerian Foreign Exchange Market (NAFEM). Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,382.35 per dollar from N1,492.61 per dollar on Wednesday, indicating N110.26 appreciation for the naira.

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Consequently, the margin between the parallel market rate and NAFEM widened to N97.65 per dollar from N42.61 per dollar on Wednesday.

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