The Naira depreciated in the parallel market to N1,520 per dollar yesterday from N1,510 per dollar on Wednesday. Similarly, the Naira depreciated to N1,510.1 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM.
Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N1,510.1 per dollar from N1,507.83 per dollar on Wednesday, indicating a depreciation of N2.27 to the naira. Dollar volume traded (turnover) in the market increased by 62.8% to $287.21 million from $176.39 million traded on Wednesday.
Consequently, the margin between the parallel market and NAFEM rates widened to N10 per dollar from N2.17 per dollar on Wednesday.
