Depreciation Continues as Naira Drops to N1,525/$ in Parallel Market

The Naira depreciated yesterday in the parallel market to N1,525 per dollar from N1,520 per dollar last weekend.

Meanwhile, the currency appreciated to N1,339.33 per dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM).

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Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,339.33 per dollar from N1,482.81 per dollar last weekend, indicating N143.48 appreciation for the naira.

Consequently, the margin between the parallel market and NAFEM rates widened to N185.67 per dollar from N37.19 per dollar last Friday.

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