Naira crashes to N1,615 in parallel market

The Naira yesterday depreciated to N1,615 per dollar in the parallel market from N1,610 per dollar on Monday.

However, the Naira yesterday appreciated to N1,594.27 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM.

Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,594.27 per dollar from N1,596.6 per dollar on Monday, indicating N2.33 appreciation for the naira. The volume of dollars traded (turnover) in NAFEM rose by 52 percent to $156.94 million from $102.93 million traded on Monday.

Consequently, the margin between the parallel market and NAFEM rate narrowed to N20.73 per dollar from N13.4 per dollar on Monday.

Credit: Vanguard