Again, Naira Loses Against US dollar at Parallel Market

The Nigerian currency, Naira, on Friday depreciated to N1,540 per dollar in the parallel market from N1,490 per dollar on Thursday.

However, the naira appreciated to N1,548.25 per dollar in the Nigerian Foreign Exchange Market (NAFEM).

Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,548.25 per dollar from N1,595.11 per dollar on Thursday, indicating N46.86 appreciation for the naira.

The market recorded an intraday high of N1,652.4 per dollar and an intraday low of N1,400 per dollar, resulting in a margin of N252.4 per dollar.

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The volume of dollars (turnover) traded in the market increased by 36 percent to $296 million from $217.14 million traded on Thursday.

As a result, the gap between the official and parallel market exchange rates narrowed to N8.25 per dollar yesterday from N135.11 per dollar on Thursday.