Naira Falls To N1,585/$ In Parallel Market 

Naira Falls To N1,585/$ In Parallel Market 

Today, the Naira experienced a decline in value, reaching N1,585 per dollar in the parallel market from N1,550 per dollar on Monday.

However, unlike in the parallel market, the Naira appreciated to N1,525 per dollar in the official foreign exchange market.

The Central Bank of Nigeria’s Daily Nigerian Foreign Exchange Market (NFEM) data revealed a decrease in the indicative exchange rate to N1,525 per US Dollar, marking a N13 appreciation compared to Monday’s rate of N1,538.

The Nigerian Autonomous Foreign Exchange Market (NAFEM), as per FMDQ data, witnessed a significant 129% surge in dollar trading volume, reaching $401.17 million, up from Monday’s $175.15 million.

The disparity between the parallel and official exchange rates widened to N60 per US Dollar, a substantial increase from Monday’s N12.