Naira Plunges to N1,510/$ in Parallel Market

The Naira has depreciated to N1,510 per dollar in the parallel market from N1,500 per dollar on Thursday.

However, the naira appreciated to N1,469.97 per dollar in the Nigerian Foreign Exchange Market (NAFEM).

Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,469.97 per dollar from N1,479.47 per dollar on Thursday, indicating N9.5 appreciation for the naira.

Consequently, the gap between the official and parallel market exchange rates widened to N40.03 per dollar from N20.53 per dollar on Thursday.