Naira Depreciates To N1, 520/$ In Parallel Market

Yesterday, the Naira's value in the parallel market dropped to N1,520 per dollar, down from N1,515 per dollar on Tuesday.

Similarly, the Naira depreciated to N1,512.61 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM.

Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,512.61 per dollar from N1,509.45 per dollar on Tuesday, indicating N3.16 depreciation for the naira.

The volume of dollars traded (turnover) in the market fell by 98.4 percent to $114.91 million from $213.31 million traded on Tuesday.

Consequently, the margin between the parallel market and NAFEM rates widened to N7.39 per dollar from N5.55 per dollar on Tuesday.