Brands and Marketing
Naira Falls To N1,230 Per Dollar In Parallel Market
Naira Falls To N1,230 Per Dollar In Parallel Market
The value of the naira dropped to N1,230 per dollar on the black market yesterday, down from N1,225 per dollar the previous week.
In contrast, the naira appreciated to N872.59 per dollar in the official market, showing some positive signs for the local currency.
According to data from the FMDQ, the indicative exchange rate for NAFEM has fallen from N885.88 per dollar to N872.59 per dollar, a N13.29 appreciation for the naira.
The difference between the official and parallel market exchange rates has widened N357.41 per dollar.
This represents an increase from N339.12 per dollar the previous week.
The total volume of dollars traded in the official market also increased by 39% to $127.93 million from $92.16 million the previous week.
This indicates increased activity in the official market, with more dollars being traded overall.
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