Naira drops to N1,770 per dollar in parallel market
In the parallel market, the value of the Naira dropped from N1,750 to N1,770 per dollar over the weekend. Similarly, in the Nigerian Autonomous Foreign Exchange Market, or NAFEM, the value of the Naira fell to N1,675.62 per dollar.
The naira depreciated by N23, according to data from FMDQ, which revealed that the indicative exchange rate for NAFEM increased to N1,675.62 per dollar from N1,652.62 per dollar last weekend.
The amount of money exchanged (turnover) decreased from $243.05 million last Friday to $108.79 million, a 55.2 percent decrease.
As a result, the difference between the NAFEM rate and the parallel market grew from N97.38 to N117.38 per dollar over the previous weekend.
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