Business
Naira crashes to N1,565/$ in parallel market
The Nigerian Naira experienced mixed changes in the foreign exchange markets yesterday.
In the parallel market, the Naira strengthened to N1,565 per dollar, up from N1,585 recorded last Friday.
However, in the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira depreciated to N1,548.76 per dollar.
According to data from FMDQ, the indicative exchange rate for NAFEM increased to N1,548.76 per dollar from N1,500.32 per dollar on Monday, marking a depreciation of N48.44 for the Naira. The market also saw an 11.04% rise in dollar turnover, reaching $280.92 million compared to $269.88 million traded on Monday.
Consequently, the margin between the parallel market and NAFEM rate narrowed to N16.08 per dollar from N84.64 per dollar on Monday.
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