Naira depreciates to N1,670 per dollar at parallel market
On Wednesday, the naira resumed its downward trajectory, falling from N1,665 per dollar on Tuesday to N1,670 per dollar on the parallel market.
According to data from the Central Bank of Nigeria (CBN), the naira depreciated on the official foreign currency market as well, dropping from N1,540 to N1,545 per dollar the day before. This indicates that the value of the naira has decreased by N5.
The Nigerian Foreign Exchange Market (NFEM) saw a slight devaluation as well, according to data from the FMDQ Exchange. The naira fell 15 kobo from Tuesday's rate of N1,544.05 per dollar to N1,544.2 per dollar.
As a result, the gap between the NFEM rate and the parallel market rate grew, and the margin went from N120.95 to N125 per dollar on Tuesday.
.jpeg)
0 comments