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    • Business - Economy
    • Updated: September 04, 2024

    Naira depreciates to N1,611 in NAFEM

    Naira depreciates to N1,611 in NAFEM

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    Philip Adeboye
    Philip Adeboye

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    The Naira, yesterday, depreciated to N1,611.34 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM, According to data from FMDQ, the indicative exchange rate for NAFEM increased from N1,585.77 per dollar on Monday, reflecting a depreciation of N25.57 for the Naira.

    The turnover of dollars traded in the market surged by 194.4 percent, rising to $209.61 million from $71.18 million on Monday.

    Conversely, the Naira appreciated to N1,630 per dollar in the parallel market, up from N1,635 per dollar on Monday. 

    As a result, the gap between the parallel market rate and the NAFEM rate narrowed to N18.66 per dollar from N49.23 per dollar on Monday

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