Friday, 25 October 2024 05:01

Difference between official and parallel markets rates widens as Naira weakens further

Rate this item
(0 votes)

The Naira yesterday depreciated to N1,739 per dollar in the parallel market from N1,735 per dollar on Wednesday.

However, the Naira appreciated to N1,601.2 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM.

Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,601.2 per dollar from N1,654.09 per dollar on Wednesday, indicating N52.89 appreciation for the naira.

The volume of dollars traded (turnover) in the official market increased by 69 percent to $230.99 million from $136.68 million traded on Wednesday.

Consequently, the margin between the parallel market and NAFEM rate widened to N137.8 per dollar from N80.91 per dollar on Wednesday.

 

Vanguard

June 19, 2025

PZ Cussons quits Nigerian palm oil market, sells stake to partner

Consumer goods multinational PZ Cussons Plc is making a full retreat from Nigeria’s palm oil…
June 14, 2025

Tinubu's pardon of 'Ogoni Nine' rejected by Ogoni people

Ogoni activists on Friday rejected a posthumous pardon for nine members executed three decades ago…
June 20, 2025

Warning signs a snake might be lurking around your home: Clues that could save lives

Few things make your heart race quite like spotting a snake slithering nearby. Whether you…
June 14, 2025

Traditional healer treats the sick with snake bites

Rosalio Culit, also known as Datu Kamandag among his fellow Manobo tribe members in Surigao…
June 20, 2025

Bandits kill 24 farmers, kidnap others in Katsina communities

Bandits have killed at least 20 farmers, three other residents, and a community watch corps…
June 20, 2025

Israel Vs Iran: Here’s what to know after Day 7

Iranian missile strikes Israel’s ‘crown jewel of science’ For years, Israel has targeted Iranian nuclear…
June 20, 2025

Nigerian company to make HIV, malaria test kits locally

Nigerian manufacturer Codix Bio Ltd plans to make millions of HIV and Malaria test kits…
May 13, 2025

Nigeria's Flying Eagles qualify for World Cup after dramatic win over Senegal

Nigeria's U-20 national football team, the Flying Eagles, have secured their place at the 2025…

NEWSSCROLL TEAM: 'Sina Kawonise: Publisher/Editor-in-Chief; Afolabi Ajibola: IT Manager;
Contact Us: [email protected] Tel/WhatsApp: +234 811 395 4049

Copyright © 2015 - 2025 NewsScroll. All rights reserved.