Naira crashes to N1,350/$ in parallel market

The Naira experienced a decline yesterday, dropping to N1,350 per dollar in the parallel market compared to Tuesday’s rate of N1,295 per dollar. Additionally, in the Nigerian Foreign Exchange Market (NAFEM), the Naira depreciated to N931.23 per dollar.

According to data from FMDQ, the indicative exchange rate for NAFEM increased to N931.23 per dollar from Tuesday’s rate of N878.57 per dollar, reflecting a depreciation of N52.66 for the Naira.

As a result, the gap between the official and parallel market exchange rates widened to N418.77 per dollar yesterday, up from N416.43 on Tuesday.