Naira Hits N1,260/$ in Parallel Market as Exchange Rate Widens

Parallel Market Exchange Rate for Naira Falls to N1,260/$

by Elizabeth O. December 14, 2023, 3:15 pm

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Naira Hits N1,260/$ in Parallel Market as Exchange Rate Widens

On Wednesday, December 13, the exchange rate for the Nigerian Naira depreciated in the parallel market, dropping to N1,260 per dollar compared to N1,220 per dollar on Tuesday, Aso Naija Reports.

Official data from FMDQ revealed that the exchange rate opened at N871.12/$1 but closed at N904.56/$1 at the end of the business day on Wednesday, indicating a depreciation of 4.38 percent.

Consequently, the gap between the official exchange rate and the parallel market rate widened to N355.35 per dollar on Wednesday, up from N354.97 per dollar on Tuesday.

The volume of dollar transactions on the Nigerian Autonomous Foreign Exchange Market (NAFEM) also witnessed a 22 percent increase. The total trading volume rose to $120.89 million on Wednesday, compared to $99.09 million traded on Tuesday.

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Written by Elizabeth O.

Oyinlola Elizabeth O. Is a prolific SEO Analyst/content writer who is based vastly on different beats/niches. She is also an Elergy poet and a chemical scientist with improved knowledge in western modernization/persuasive
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