Naira down to N1,650/$ in parallel market

Naira down to N1,650/$ in parallel market

The Naira yesterday depreciated to N1,650 per dollar in the parallel market from N1,645 per dollar on Wednesday.

Similarly, the Naira depreciated to N1,544.02 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM.

Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N1,544.02 per dollar from N1,539.65 per dollar on Wednesday, indicating N4.37 depreciation for the naira. The volume of dollars traded (turnover) in the official market declined by 37.2 percent to $87.51 million from $139.48 million traded on Wednesday.

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Consequently, the margin between the parallel market and NAFEM rate widened to N105.98 per dollar from N105.35 per dollar on Wednesday.

Naira down to N1,650/$ in parallel market