Naira goes for N1,500/$ at parallel market

Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N1,500.79 per dollar from N1,490.2 per dollar on Monday, indicating N10.59 depreciation for the naira.

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The volume of dollars traded (turnover) in the market fell by 10 percent to $136.72 million from $152 million traded Monday.

Consequently, the margin between the parallel market and NAFEM rates narrowed to 79 kobo per dollar from N14.8 per dollar on Monday.

Naira goes for N1,500/$ at parallel market