Naira crashes further to N1,415/$ at parallel market

The Naira lost value in the parallel market Tuesday, falling from N1,410 per dollar on Monday to N1,415 per dollar.

In the same way, the value of the Naira decreased to N1,416.57 per dollar on the Nigerian Foreign Exchange Market, or NAFEM.

Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,416.57 per dollar from N1,354.21 per dollar on Monday, indicating N62.36 depreciation for the naira.

Consequently, the margin between the parallel market and NAFEM rates narrowed to N1.57 per dollar from N55.79 per dollar on Monday.