Business
Naira falls again to N1,590/$ in parallel market
On Friday, the Naira fell to N1,590 per dollar in the parallel market, down from N1,585 per dollar on Thursday.
In the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira also depreciated to N1,579.89 per dollar, compared to N1,564.4 per dollar the previous day, marking a N15.49 drop in value.
Data from FMDQ revealed that the indicative exchange rate for NAFEM increased to N1,579.89 per dollar from N1,564.4, reflecting a depreciation of N15.49 for the Naira.
The volume of dollars traded in the market decreased by 22.7 percent, falling to $115.23 million from $149.24 million on Thursday.
As a result, the gap between the parallel market rate and the NAFEM rate narrowed to N10.11 per dollar from N20.52 the day before.
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