Naira Depreciates To ₦1,575/$ In Parallel Market

The Naira yesterday depreciated to N1,575 per dollar in the parallel market from N1,565 per dollar on Tuesday. 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.

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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.

Source:- Vanguardngr