BREAKING: Naira crashes against dollar in new exchange rate

The Naira on Wednesday experienced a depreciation to N1,105 per dollar in the parallel market, down from N1,100 per dollar on Tuesday. However, in the Nigerian Foreign Exchange Market (NAFEM), it appreciated to N1,072.74 per dollar.

Data sourced from FMDQ revealed that the indicative exchange rate for NAFEM declined to N1,072.74 per dollar from Tuesday’s N1,148.14 per dollar, marking a N75.4 appreciation for the Naira.

Consequently, the margin between the parallel market and NAFEM rates narrowed to N32.26 per dollar from Tuesday’s N48.14 per dollar.