Economy

Despite Binance ban, Naira falls to N1,620/$ in parallel market

Published

10 months ago

March 14, 2024

The naira yesterday depreciated to N1,620 per dollar in the parallel market from N1,615 per dollar on Tuesday..

Similarly, the naira yesterday depreciated to N1,615.94 per dollar in the Nigerian Foreign Exchange Market (NAFEM).

Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N1,615.94 per dollar from N1,603.38 per dollar on Tuesday, indicating N12.56 depreciation for the naira.

The market recorded an intraday high of N1,635 per dollar and an intraday low of N1,500 per dollar resulting in a bearing of N135. The volume of dollars traded (turnover) in the market rose by 103.5 percent to $248.75 million from $122.18 million traded on Tuesday.

Consequently, the margin between the parallel market rate and NAFEM narrowed to N4.06 per dollar from N11.62 per dollar on Tuesday.