Naira Tumbles in Parallel Market Against U.S Dollar

The Naira on Friday tumbled to N1,750 per dollar in the parallel market from N1,745 per dollar on Thursday.

But the Naira appreciated to N1,652.62 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM.

Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,652.62 per dollar from N1,658.67 per dollar on Thursday, indicating N6.05 appreciation for the naira.

The market recorded an intraday high of N1,703 per dollar and an intraday low of N1,640 per dollar

The volume of dollars traded (turnover) grew by 48.5 percent to $243.05 million from $163.66 million traded on Thursday.

Consequently, the margin between the parallel market and NAFEM rate widened to N97.38 per dollar from N86.33 per dollar on Thursday.