Naira depreciates further to N1,560/$ in parallel market

The Nigerian Naira continued its depreciation trend as it fell to N1,560 per dollar in the parallel market on Wednesday, from N1,535 per dollar recorded on Tuesday.

Similarly, in the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira depreciated to N1,561.98 per dollar.

Data from FMDQ revealed that the indicative exchange rate for NAFEM rose to N1,561.98 per dollar from N1,532.58 per dollar the previous day, marking a depreciation of N29.4 for the Naira.

This increase narrowed the margin between the parallel market and NAFEM rates to N1.98 per dollar, down from N2.42 per dollar reported on Tuesday.

The fluctuation in exchange rates highlights ongoing volatility in Nigeria’s foreign exchange market, impacting businesses and individuals alike amid economic uncertainties.

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