Brands and Marketing
Naira Depreciates To N1,640/$ In Parallel Market
Naira Depreciates To N1,640/$ In Parallel Market
The Nigerian Naira experienced a decline in value against the US dollar on Friday, with the parallel market rate decreasing to N1,640 per dollar from N1,650 the previous day.
In the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira also depreciated to N1,541.52 per dollar.
Data from FMDQ revealed that the indicative exchange rate for NAFEM dropped to N1,541.52 per dollar, showing a N2.5 appreciation for the Naira.
Notably, the dollar turnover in the official market reduced significantly by 117.7 percent to $190.57 million compared to Thursday’s $87.51 million.
Consequently, the margin between the parallel market and NAFEM rates contracted to N98.48 per dollar from N105.98 per dollar on Thursday.
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