Nigerian Autonomous Foreign Exchange Market (NAFEM)

Naira depreciates against dollar at parallel market, surpasses official window rate

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Dollar and naira

The naira, on Wednesday, crossed the N1,500 mark at the parallel section of the foreign exchange (FX) market. The value of the naira fell to N1,530 against the dollar an all-time low in the parallel market. This is a 4.08 percent decline compared to the N1,470/$ reported the previous trading day. Currency traders, also known … Read more

Naira crashes further at official market

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Dollar and naira

On Tuesday, the Nigerian Autonomous Foreign Exchange Market (NAFEM), which is the official window, saw a further depreciation of the naira to N1,482.57 versus the US dollar. The naira continued to fall at the end of trading, down 9.93 percent from the N1,348.63/$ posted on Monday. Before closing at N1,482.57, the dollar saw trading as … Read more