Business
Naira crashes to N1,740 per Dollar in parallel market
The Naira depreciated to N1,740 per dollar in the parallel market on Wednesday, down from N1,735 per dollar on Tuesday.
On the other hand, the Naira appreciated in the Nigerian Autonomous Foreign Exchange Market (NAFEM), rising to N1,645.4 per dollar from N1,689.88 per dollar on Tuesday, reflecting a N44.48 improvement.
Data from FMDQ revealed that the turnover of dollars traded in the market surged by 122.5%, increasing to $236.84 million from $106.44 million on Tuesday.
As a result, the gap between the parallel market rate and the NAFEM rate widened to N94.6 per dollar, compared to N45.12 per dollar on Tuesday.
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