Naira Drops to N1,660/$ in Parallel Market Amid Continued Hardship

The Naira yesterday depreciated to N1,660 per dollar in the parallel market from N1,645 per dollar last week Friday.

However, the Naira appreciated to N1,580.46 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM.

Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1580.46 per dollar from N1,593.32 per dollar last weekend , indicating N12.86 appreciation for the currency.

The volume of dollars traded (turnover) in the market declined by 22 percent to $197.37 million from $254.17 million traded last weekend.

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Consequently, the margin between the parallel market and NAFEM rate widened to N79.54 per dollar from N51.68 kobo per dollar last week Friday.

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