Naira depreciates in parallel market to N1,739/$

The Naira depreciated slightly in the parallel market, reaching N1,739 per dollar, up from N1,735 on Wednesday.

However, in the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira saw an appreciation, rising to N1,601.2 per dollar from the previous N1,654.09 per dollar, marking an increase of N52.89.

Data from FMDQ indicated that the official market’s dollar turnover surged by 69%, with $230.99 million traded compared to Wednesday’s $136.68 million.

The disparity between the parallel market rate and the NAFEM rate has now widened to N137.8 per dollar from N80.91 per dollar the previous day.