Nigerian Naira falls to N1,500/$ in the Parallel Market, popularly known as the Black Market, BrandNewsDay Nigeria reports.
On the parallel market, the value of the Naira increased from N1,505 per dollar on Monday to N1,500 per dollar yesterday.
However, on the Nigerian Autonomous Foreign Exchange Market, or NAFEM, the value of the Naira decreased to N1,500.79 per dollar.
The indicative exchange rate for NAFEM increased to N1,500.79 per dollar from N1,490.2 per dollar on Monday, according to data from FMDQ, indicating an N10.59 depreciation of the naira.
From $152 million traded on Monday, the number of dollars traded (turnover) in the market decreased by 10% to $136.72 million.
As a result, the difference in rates between the parallel market and NAFEM dropped from N14.8 per dollar on Monday to 79 kobo per dollar.
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