Naira depreciates further to N1,530/$ at official market

The Naira further depreciated to N1,530 per dollar at the official market on Wednesday, May 16th, 2024.

In contrast, the Naira appreciated in the Nigerian Autonomous Foreign Exchange Market (NAFEM), rising to N1,459.02 per dollar.

Data from FMDQ indicated that the indicative exchange rate for NAFEM decreased to N1,459.02 per dollar from Tuesday’s N1,520.4 per dollar, reflecting an appreciation of N61.38 for the Naira.

As a result, the margin between the parallel market and NAFEM rates widened significantly to N70.98 per dollar from Tuesday’s N5.4 per dollar.

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