Naira Depreciates To N1,575/$ In Parallel Market

 

The Naira has continued to depreciate against the dollar at the parallel market.

 

The naira exchanged N1,575 per dollar from N1,565 per dollar on Tuesday at the parallel market.

 

However, the Naira depreciated to N1,586.71 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM.

 

Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N1,586.71 per dollar from N1,548.76 per dollar on Tuesday, indicating N37.95 depreciation for the naira.

 

The volume of dollars traded (turnover) in the market fell by 39 percent to $171.03 million from $280.92 million traded on Tuesday.

 

Consequently, the margin between the parallel market and NAFEM rate narrowed to N11.71 per dollar from N16.08 per dollar on Tuesday.