Naira depreciates to N1,340/$ in parallel market

The Nigerian currency on Monday, April 29, 2024 depreciated to N1,340 per dollar in the parallel market, from N1,300 per dollar last week Friday.

The naira also depreciated in the Nigerian Foreign Exchange Market (NAFEM), to N1,419.11 per dollar.

According to data from the FMDQ, the indicative exchange rate for NAFEM rose to N1,419.11 per dollar from N1,339.23 per dollar last weekend, indicating N79.88 depreciation for the naira.

Consequently, the margin between the parallel market and NAFEM rates widened to N79.11 per dollar from N39.23 per dollar last week Friday.

BEB