Naira drops to N1,320/$ at parallel market

Naira on Wednesday depreciated to N1,320 per dollar on the parallel market, also known as the black market. 

This indicates 3.03% or N40.00 weaker than N1,280 recorded at the close of trading on Tuesday. 

This depreciation marks the lowest the Naira has come to since October 26, 2023, when it reached N1,300 against the dollar on the parallel market.  

Also, the naira depreciated 4.72% to close at N878.57 to a dollar at the close of business, according to data from NAFEM where forex is officially traded.  

This represents an N39.62 loss or a 4.72% decrease in the local currency compared to the N838.95 closed the previous day.      

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The intraday high recorded was N1299.50/$1, while the intraday low was N720.50/$1, representing a wide spread of N579/$1.     

The data obtained from the official NAFEM window also showed that forex turnover at the close of the trading was $147.81 million, representing a 460.52% increase compared to the previous day.