HomeNewsNaira Crashes To N1,305/$ In Parallel Market

Naira Crashes To N1,305/$ In Parallel Market

The Naira has depreciated to N1,305 per dollar in the parallel market.

On Tuesday, it exchanged for N1,255 per dollar.

At the Nigerian Foreign Exchange Market, NAFEM, it similarly depreciated to N1,308.52 per dollar.

Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N1,308.52 per dollar from N1,300.15 per dollar on Tuesday, indicating N8.37 depreciation for the naira.

Consequently, the margin between the parallel market and NAFEM rates narrowed to N3.52 per dollar from N45.15 per dollar the previous day.

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