Brands and Marketing
Naira Depreciate To N1,660/$ In Parallel Market
Naira Depreciate To N1,660/$ In Parallel Market
Yesterday, the Naira declined in value, trading at N1,660 per dollar in the parallel market, a slight drop from N1,655 per dollar on Monday.
In contrast, it experienced an appreciation in the official foreign exchange market, where it rose to N1,549 per dollar from N1,550 per dollar earlier in the week, reflecting a one Naira gain.
As a result, the gap between the parallel market and the official Nigerian Foreign Exchange Market (NFEM) rates increased, widening from N105 per dollar to N111 per dollar since Monday.
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