Naira’s Slide Continues Hits N1,405 Against Dollar in Parallel Market

iexclusivenews – In recent trading, the Nigerian Naira has experienced a significant depreciation, reaching a rate of N1,405 to the dollar in the parallel market.

This marks a notable decline from the previous rate of N1,305 to the dollar recorded just the day before.

NAFEM Exchange Rates

The depreciation trend extends to the Nigerian Foreign Exchange Market (NAFEM), where the Naira fell to N1,309.88 per dollar.

This is a slight decrease from the rate of N1,308.52 per dollar observed on Wednesday.

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FMDQ Data Insight

Data obtained from the Financial Markets Dealers Quotations (FMDQ) reveals that the indicative exchange rate for NAFEM has escalated to N1,309.88 per dollar, signifying a depreciation of N1.36 for the Naira.

Widening Gap

This downturn in value has resulted in an increased disparity between the parallel market and NAFEM rates, which now stands at N95.12 per dollar.

The previous day’s margin was significantly lower at N45.15 per dollar, highlighting the rapid pace of the Naira’s depreciation.