Naira falls to N1,500/$ in parallel market

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The naira yesterday experienced a depreciation to N1,500 per dollar in the parallel market, compared to N1,465 per dollar on Tuesday. Additionally, the naira depreciated to N1,479.47 per dollar in the Nigerian Foreign Exchange Market (NAFEM).

Information from FMDQ revealed that the indicative exchange rate for NAFEM increased to N1,479.47 per dollar from N1,418.78 per dollar on Wednesday, signifying a depreciation of N60.69 for the naira.

As a result, the disparity between the official and parallel market exchange rates decreased to N20.53 per dollar yesterday from N46.22 per dollar on Wednesday.