Naira depreciates to N1,530/$ in official market

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May 16, 2024

Naira

Naira

By Elizabeth Adegbesan

The Naira yesterday depreciated in the parallel market to N1,530 per dollar from N1,525 per dollar on Tuesday.

However, the Naira yesterday appreciated to N1,459.02 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM.

Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,459.02 per dollar from N1,520.4 per dollar on Tuesday, indicating N61.38 appreciation for the naira.

Consequently, the margin between the parallel market and NAFEM rates widened to N70.98 per dollar from N5.4 per dollar on Tuesday