Naira Depreciate To N1,610/$ In Parallel Market

In the parallel market, the value of the Naira fell from N1,600 per dollar on Monday to N1, 610 per dollar yesterday.

Similarly, the Naira depreciated to N1,592.06 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM. Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N1,592.06 per dollar from N1,579.22 per dollar on Monday, indicating N12.84 depreciation for the naira.

The volume of dollars traded (turnover) in NAFEM fell by 6.5 percent to $152.26 million from $162.99 million traded on Monday. Consequently, the margin between the parallel market and NAFEM rate narrowed to N17.94 per dollar from N20.78 per dollar on Monday.