Naira Collapses Massively Against Dollar

Naira Collapses Massively Against Dollar

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 N1,606.56 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM. Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N1,606.59 per dollar from N1,594.27 per dollar on Tuesday, indicating N12.32 depreciation for the naira. The volume of dollars traded (turnover) in NAFEM rose by 2.5 percent to $160.94 million from $156.94 million traded on Tuesday.

Consequently, the margin between the parallel market and NAFEM rate narrowed to N13.41 per dollar from N20.73 per dollar on Tuesday.