Naira Drops to N1,410 per Greenback in Parallel Market
The Naira yesterday depreciated to N1,410 per greenback within the parallel market, from N1,395 per greenback final weekend. Nevertheless, the Naira appreciated within the Nigerian Overseas Trade Market, NAFEM, to N1,354.21 per greenback.
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Knowledge from FMDQ confirmed that the indicative alternate fee for NAFEM rose to N1,354.21per greenback from N1,400.4 per greenback final week Friday, indicating N46.19 appreciation for the naira.
The market recorded an intraday excessive of N1,441 per greenback and an intraday low of N1,285 per greenback leading to a margin of N156 per greenback. The quantity of {dollars} traded (turnover) available in the market declined by 58 p.c to $84.83 million from $201.88 million traded the day gone by.
Consequently, the margin between the parallel market and NAFEM charges widened to N55.79 per greenback from N5.4 per greenback final Friday.