Naira Massively Loss N1,740 to a $ in Black Market
The naira, on Thursday, depreciated to N1,740 per dollar in the parallel market from N1,730 per dollar on Thursday.
Similarly, the Naira depreciated to N1,652.25 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM.
Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N1,652.25 per dollar from N1,650.2 per dollar on Thursday, indicating N2.05 depreciation for the naira.
The volume of dollars traded (turnover) in the market grew by 36.4 percent to $296.63 million from $214.73 million sold on Thursday.
Consequently, the margin between the parallel market and NAFEM rate widened to N87.75 per dollar from N79.8 per dollar on Thursday.
