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Home Business Economy

Naira falls to N1,585/$ in parallel market

by Enyeh Julius Akpovire
July 23, 2024
in Economy, News
JUST IN: Naira falls to N1,745/$ in parallel market

Naira and Dollar

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The Naira Monday depreciated to N1,585 per dollar in the parallel market from N1,575 last week Friday.

Similarly, the Naira appreciated to N1,500.32 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM.

Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,500.32 per dollar from N1,596.92 per dollar last weekend, indicating N96.6 appreciation for the naira. The volume of dollars traded (turnover) in the market grew by 7.6 per cent to $269.88 million from $250.67 million traded last week Friday.

Consequently, the margin between the parallel market and NAFEM rates widened to N84.64 per dollar from N21.92 last weekend.

Tags: Naira

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