Naira weakens to N1,600/$ in parallel market

The Naira depreciated on Tuesday to N1,600 per dollar in the parallel market, down from N1,590 per dollar last weekend.

In contrast, the Naira appreciated to N1,579.22 per dollar in the Nigerian Autonomous Foreign Exchange Market.

NAFEM is the trading segment for investors, exporters, and end-users where forex transactions are conducted at exchange rates determined by current market conditions.

Data from FMDQ indicated that the indicative exchange rate for NAFEM fell to N1,579.22 per dollar from N1,579.89 per dollar last Friday, marking a 67 kobo gain for the Naira.

The volume of dollars traded in the market surged by 41.4 per cent, rising to $162.99 million from $115.23 million last weekend. As a result, the margin between the parallel market and the NAFEM rate widened to N20.78 per dollar, compared to N10.11 per dollar last Friday.

All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from PUNCH.

Contact: [email protected]