Naira Plummets to N1520/$ in Parallel Market
Naira Declines to N1,520/$ in Parallel Market, Slightly Appreciates in NAFEM
On Friday, May 24, the Naira depreciated further in the parallel market, reaching N1,520 per dollar, a drop from the N1,515 per dollar rate recorded on Thursday, May 23.
Conversely, the Naira showed some strength in the Nigerian Autonomous Foreign Exchange Market (NAFEM).
According to data from FMDQ, the indicative exchange rate for NAFEM appreciated to N1,482.81 per dollar, up from N1,485.66 per dollar on the previous day, marking a N2.85 improvement.
This fluctuation highlights the ongoing volatility in Nigeria’s foreign exchange markets, reflecting differing pressures and dynamics between the official and parallel market rates.
Naira Plummets to N1520/$ in Parallel Market
