Naira Drops To N1,490/$ In Parallel Market 

Naira Drops To N1,490/$ In Parallel Market 

Yesterday, the value of the Nigerian Naira against the US Dollar in the parallel market depreciated to N1,490 per dollar from N1,470 per dollar on Tuesday. This brought the Naira closer to the N1,500 threshold.

However, in the Nigerian Foreign Exchange Market (NAFEM), the Naira actually appreciated to N1,455.59 per dollar.

According to data from FMDQ, the indicative exchange rate for NAFEM dropped to N1,455.59 per dollar from N1,482.57 per dollar on Tuesday, indicating an appreciation of N26.98 for the Naira.

As a result, the difference between the official exchange rate and the parallel market exchange rate increased to N34.41 per dollar yesterday, compared to N12.57 on Tuesday.