Naira Depreciates to N1,572/$ in Parallel Market

 

The Naira has continued to depreciate against the dollar.

 

At the parallel market, the naira depreciated N1,572/1$ on Wednesday.

 

Similarly, the Naira appreciated to N1,566.82 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM.

 

Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,566.82 per dollar from N1,581.65 per dollar on Wednesday, indicating N14.83 appreciation for the naira.

 

Consequently, the margin between the parallel market and NAFEM rates narrowed to N5.18 from N11.65 per dollar on Wednesday.