Naira Depreciates to N1,305/$ at Parallel Market

25th April 2024

Naira, the Nigerian currency, yesterday depreciated to N1,305 per dollar in the parallel market, from N1,255 per dollar on Tuesday.

Similarly, the naira depreciated in the Nigerian Foreign Exchange Market, (NAFEM) to N1,308.52 per dollar.

Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N1,308.52 per dollar from N1,300.15 per dollar on Tuesday, indicating N8.37 depreciation for the naira.

Consequently, the margin between the parallel market and NAFEM rates narrowed to N3.52 per dollar from N45.15 per dollar the previous day.