Business
Naira drops value, sells at N1,340/$ in parallel market
The Naira on Monday dropped in value to sell at N1,340 per dollar in the parallel market.
Recall that the Naira was sold at N1,300 per dollar on Friday.
Similarly, the Naira depreciated in the Nigerian Foreign Exchange Market, NAFEM, to N1,419.11 per dollar.
Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N1,419.11 per dollar from N1,339.23 per dollar last weekend, indicating N79.88 depreciation for the naira.
Consequently, the margin between the parallel market and NAFEM rates widened to N79.11 per dollar from N39.23 per dollar last week Friday.
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