Naira continues to fall, hits N1510/$ in parallel market

As of Wednesday 27th of June, the Naira declined in the parallel market, dropping to N1,510 per dollar from N1,500 per dollar on Tuesday.

Similarly, the Naira depreciated to N1,507.83 per dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM).

Data from FMDQ showed that the indicative exchange rate for NAFEM increased to N1,507.83 per dollar from N1,500.79 per dollar on Tuesday, indicating a depreciation of N7.04 for the Naira.

The volume of dollars traded (turnover) in the market rose by 29 per cent to $176.39 million from $136.72 million traded on Tuesday. Consequently, the margin between the parallel market and NAFEM rates narrowed to N2.17 per dollar from Tuesday’s gap.