Naira Plummets to N1,250 per Dollar in Parallel Market

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The Naira experienced a significant decline yesterday, dropping to N1,250 per dollar in the parallel market compared to N1,140 per dollar just a day earlier.

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Similarly, in the Nigerian Foreign Exchange Market (NAFEM), the Naira saw a depreciation, reaching N1,234.49 per dollar.

Data obtained from FMDQ indicated that the indicative exchange rate for NAFEM surged to N1,234.49 per dollar from N1,169.99 per dollar the previous week, signaling a depreciation of N64.5 for the Naira.

Consequently, the gap between the parallel market and NAFEM rates narrowed to N15.51 per dollar, down from N29.99 per dollar the previous weekend.


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