Naira falls to N1,455/$ in parallel market

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The Naira yesterday experienced a decline, reaching N1,455 per dollar in the parallel market compared to N1,440 per dollar recorded last Friday.

On the Nigerian Foreign Exchange Market, the naira dropped to N1,419.86 per dollar (NAFEM).

The indicative exchange rate for NAFEM dropped from N1,435.53 per dollar last weekend to N1,419.86 per dollar this past weekend, according to data from FMDQ, showing a N15.67 appreciation for the naira.

As a result, the difference in the official and black market exchange rates grew, from N4.47 per dollar last week to N35.14 per dollar yesterday.