Naira Ends September At N1,705/$ at the Parallel Market

 

The naira has depreciated massively against the dollar, according to a report by Vanguard.

 

The report revealed that yesterday, parallel market dealers traded at N1,705/ $1.00 down from N1,655/$1.00 a week ago, with sustained day-to-day slide.

 

Vanguard’s Naira watch indicates the steady slide is happening for the first time in several weeks unlike the daily fluctuation within a narrow band of between N1645 and N1,655/$1.00 recorded in the past two months.

 

Dealers in the parallel market told Vanguard that there was an indication of supply shortfalls in the past two weeks which may have sparked the depreciation in the market.

 

The development may have also affected the official market segment as data from FMDQ, shows the indicative exchange rate for Nigeria Autonomous Foreign Exchange Market, NAFEM, depreciated to N1541.94/$1.0 yesterday from N1540.78/ $1.0 over the weekend, indicating a 96 kobo depreciation.