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Naira hits ₦1,640 per dollar in parallel market

By Hafsat Aleeyu Muye
Estimated reading time: Less than 1 minutes

Naira hits ₦1,640 per dollar in parallel market

The naira has depreciated to ₦1,640 per dollar in the parallel market from N1,650 per dollar this week.

The naira also depreciated to ₦1,541.52 per dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM).

Data from FMDQ showed that the indicative exchange rate for NAFEM fell to ₦1,541.52 per dollar from ₦1,544.02 per dollar on Thursday, indicating N2.5 appreciation for the naira.

The volume of dollars traded (turnover) in the official market declined by 117.7 percent to $190.57 million from $87.51 million traded on Thursday.

Consequently, the margin between the parallel market and NAFEM rate narrowed to ₦98.48 per dollar from ₦105.98 per dollar on 19th September.

READ ALSO: Dollar to naira exchange rate hits N1614 at parallel market

Proofreading and Editing by Gift Luckson and Hafsat Aleeyu Muye, Editor at Neptune Prime

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