Sunday, May 19, 2024
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HomeBusiness NewsNaira Plummets to New Record Low in Parallel Market

Naira Plummets to New Record Low in Parallel Market

The Naira lost value in the parallel market yesterday, falling from N1,470 per dollar on Friday of last week to N1,520 per dollar.

In a similar vein, the value of the Naira dropped to N1,478.11 per dollar on the Nigerian Foreign Exchange Market (NAFEM).

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The indicative exchange rate for NAFEM increased to N1,478.11 per dollar from N1,466.31 per dollar last weekend, according to data from FMDQ, suggesting a N11.8 devaluation of the naira.

As a result, the difference in valuing between the NAFEM and parallel market grew from N3.69 per dollar to N41.89 per dollar this past weekend. [CONTINUE READING HERE]

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