Naira crashes to N1,600/$ in parallel market

The Naira yesterday depreciated to N1,600 per dollar in the parallel market from N1,590 last weekend.

However, the Naira yesterday appreciated to N1,607.15 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM.

Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,607.15 per dollar from N1,617.08 per dollar last week Friday, indicating N9.93 appreciation for the naira.

The volume of dollars traded in the market declined by 41.3 per cent to $77.09 million from $131.55 million traded last weekend.

Consequently, the margin between the parallel market and NAFEM rate narrowed to N7.15 per dollar from N27.08 per dollar last week Friday.

Credit: Vanguard