Naira depreciates to N1739/$ in parallel market

The Naira has depreciated to N1,739 per dollar in the parallel market from N1,735 per dollar on Wednesday.

Data from FMDQ showed that the Naira appreciated to N1,601.2 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM
from N1,654.09 per dollar on Wednesday, indicating N52.89 appreciation for the currency.

The volume of dollars traded (turnover) in the official market increased by 69 percent to $230.99 million from $136.68 million traded on Wednesday.

Also according to the data released Thursday evening October 24, the margin between the parallel market and NAFEM rate widened to N137.8 per dollar from N80.91 per dollar the previous day.