Naira Plunges to N1,250/$ in Parallel Market, Declines in NAFEM
Written by Deborah Oyinloye on April 23, 2024
The Naira experienced a significant depreciation in the financial markets, with the parallel market witnessing a drop to N1,250 per dollar from N1,140 per dollar on Thursday. Similarly, in the Nigerian Foreign Exchange Market (NAFEM), the Naira depreciated to N1,234.49 per dollar.
Data from the Financial Markets Dealers’ Quotations (FMDQ) revealed that the indicative exchange rate for NAFEM surged to N1,234.49 per dollar from N1,169.99 per dollar last week Friday, reflecting a depreciation of N64.5 for the Naira.
Consequently, the margin between the parallel market and NAFEM rates narrowed to N15.51 per dollar from N29.99 per dollar over the weekend.
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Author: Deborah Oyinloye
With an interest in media, Deborah aims to impart the lives of people positively.
