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Friday, November 8, 2024
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Naira depreciates to N1,725/$ in parallel market

The Naira depreciated to N1,725 per dollar in the parallel market today, down from N1,710 per dollar on Thursday.

Conversely, the Naira strengthened in the Nigerian Autonomous Foreign Exchange Market (NAFEM), reaching N1,600.78 per dollar, compared to N1,660.49 per dollar the previous day, marking a N59.71 gain.

According to FMDQ data, the official NAFEM rate reflects the Naira’s appreciation.

Additionally, the volume of dollars traded in the official market increased by 6.2%, rising to $350.72 million from $330.18 million on Thursday.

 

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