Tinubu’s Effect: Naira Falls to N1,640 Per Dollar in Parallel Market

The Naira depreciated to N1,640 per dollar in the parallel market yesterday, down from N1,620 per dollar on Wednesday.

Also, the Naira depreciated to N1,639.41 per dollar in the Nigerian Autonomous Foreign Exchange Market, (NAFEM).

Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N1,639.41 per dollar from N1,625.88 per dollar on Wednesday, indicating N13.53 depreciation for the naira.

The volume of dollars traded (turnover) in the market declined by 9.7 percent to $185.79 million from $205.76 million traded on Wednesday.

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However, the margin between the parallel market and NAFEM rate narrowed to 59 kobo per dollar from N5.88 per dollar on Wednesday.

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