News
Naira depreciates to N1,739/$ in parallel market
With trading volumes increasing significantly, the widening gap between market rates raises questions about currency stability.
The Naira yesterday depreciated to N1,739 per dollar in the parallel market from N1,735 per dollar on Wednesday.
However, the Naira appreciated to N1,601.2 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM.
Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,601.2 per dollar from N1,654.09 per dollar on Wednesday , indicating N52.89 appreciation for the naira.
ALSO READ : Reps Urge CBN to withdraw old Naira, distribute redesigned notes before December deadline
The volume of dollars traded (turnover) in the official market increased by 69 percent to $230.99 million from $136.68 million traded on Wednesday.
Consequently, the margin between the parallel market and NAFEM rate widened to N137.8 per dollar from N80.91 per dollar on Wednesday.
-
Latest1 week agoPastor Chris Oyakhilome announces mother’s passing at 88 [VIDEO]
-
Latest2 days agoUS Immigration fees rise from October 16 as USCIS announces new charges
-
Football6 days agoHow David Beckham made $51.1m from 2026 World Cup, surpassing winners’ prize
-
Comments and Issues7 days agoFani-Kayode on Atiku: Separating claims from the record
-
Latest1 week agoHow adulterated palm oil, coloured pepper are putting consumers at risk
-
Crime1 week agoDeaths in NSCDC Custody: Can Nigeria guarantee the safety of detainees?
-
Health5 days agoCOVID-19 Hospital care under scrutiny as US Senate hears patient, family testimonies
-
Business5 days agoOpenAI shelves GPT-6.1 astra release over safety concerns