Naira Crashes to N1,495/$ in Parallel Market

The Naira depreciated in the parallel market, yesterday, falling to N1,495 per dollar from N1,470 per dollar on Tuesday.

Conversely, the Naira appreciated in the Nigerian Autonomous Foreign Exchange Market (NAFEM), strengthening to N1,462.59 per dollar.

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Data from FMDQ indicated that the indicative exchange rate for NAFEM decreased to N1,462.59 per dollar from N1,465.68 per dollar on Tuesday, marking a N3.09 appreciation for the Naira.

As a result, the gap between the market and NAFEM rates widened to N33.59 per dollar from N4.32 per dollar on Tuesday.

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