Naira Depreciates To N1,595/$ In Parallel Market

Yesterday, the Naira fell to N1,595 per dollar in the parallel market, down from N1,585 per dollar on Tuesday.

Similarly, the Naira yesterday depreciated to N1,596.52 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM.

Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N1,596.52 per dollar from N1,601 per dollar on Tuesday, indicating N5.48 depreciation for the naira.

The volume of dollars traded in the market increased by 51.7 percent to $93.92 million from $61.9 million traded on Tuesday.

Consequently, the margin between the parallel market and NAFEM rate narrowed to N1.52 per dollar from N16 per dollar on Tuesday.