Naira depreciates to N1,530/$ at parallel market

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The Naira further depreciated to N1,530 per dollar at the parallel market on Wednesday, May 16th, 2024 in contrast to N1,525 recorded Tuesday.

Even though the Nigerian Autonomous Foreign Exchange Market (NAFEM) reports an increase for the Naira at N1,459.02 per dollar on Wednesday.

Data from FMDQ indicated that the indicative exchange rate for NAFEM decreased to N1,459.02 per dollar from Tuesday’s N1,520.4 per dollar, reflecting an appreciation of N61.38 for the Naira.

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As a result, the margin between the parallel market and NAFEM rates widened significantly to N70.98 per dollar from Tuesday’s N5.4 per dollar.