Naira crashes further at parallel market, exchanges at N1,485/$

Yesterday, the naira further crashed to N1,485.99 per dollar on the Nigerian Autonomous Foreign Exchange Market, NAFEM.

According to FMDQ data, the indicative exchange rate for NAFEM increased to N1,485.99 per dollar from N1,484.75 per dollar on Thursday, meaning that the naira depreciated by N1.24.

The volume of dollars traded in the market declined by 1.7 percent to $213.52 million from $235.51 million traded on Thursday.

However, the naira was stable at N1,450 per dollar in the parallel market.

Consequently, the margin between the parallel market and NAFEM rates narrowed to N35.99 per dollar from N59.75 per dollar on Thursday.