Naira Dips to N1,365 per Dollar in Parallel Market; NAFEM Rate Also Slides
Written by Jerry Alomatu on May 3, 2024
The Naira experienced a decline to N1,365 per dollar in the parallel market yesterday, compared to its rate of N1,320 per dollar on Tuesday.
Similarly, the Nigerian Foreign Exchange Market (NAFEM) witnessed a depreciation of the Naira, settling at N1,402.67 per dollar.
Data obtained from FMDQ revealed that the indicative exchange rate for NAFEM rose to N1,402.67 per dollar from N1,390.96 per dollar on Tuesday, indicating a depreciation of N11.71 for the Naira.
Consequently, the margin between the parallel market and NAFEM rates narrowed to N37.67 per dollar, down from N70.96 per dollar observed on Tuesday.
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Author: Jerry Alomatu
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