Naira falls to N1,490/$ in parallel market

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The naira yesterday experienced a decline to N1,490 per dollar in the parallel market, compared to the previous rate of N1,470 per dollar on Tuesday, nearing the N1,500 threshold. Conversely, in the Nigerian Foreign Exchange Market (NAFEM), the naira appreciated to N1,455.59 per dollar.

According to data from FMDQ, the indicative exchange rate for NAFEM dropped from N1,482.57 per dollar on Tuesday to N1,455.59 per dollar, signaling a naira appreciation of N26.98.

As a result, the gap between the official and parallel market exchange rates expanded to N34.41 per dollar on the current day from N12.57 on Tuesday.