Naira Collapses Against Dollar In Black, Official Markets As New Exchange Rate Emerges

The Naira has again experienced a decline in value against the US Dollar both in the parallel market and the Nigerian Foreign Exchange Market (NAFEM).

In the parallel market, the Naira depreciated to N1,365 per dollar compared to N1,320 per dollar on Tuesday. Similarly, in the NAFEM, the Naira depreciated to N1,402.67 per dollar.

Data from FMDQ revealed that the indicative exchange rate for NAFEM increased to N1,402.67 per dollar from N1,390.96 per dollar on Tuesday, marking a depreciation of N11.71 for the Naira.

Consequently, the margin between the parallel market and NAFEM rates narrowed to N37.67 per dollar from N70.96 per dollar recorded on Tuesday.