Naira Down To N1,555/$ In Parallel Market

The Naira yesterday depreciated to N1,555 per dollar in the parallel market from N1,545 per dollar last week Friday. Similarly, the Naira depreciated to N1,577.29 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM.

Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N1,577.29 per dollar from N1,563.8 per dollar last week Friday, indicating N13.49 depreciation for the naira.

The volume of dollars (turnover) traded on the window increased by 21.3 percent to $153.53 million from $126.5 million traded on Friday.

Consequently, the margin between the parallel market and NAFEM rates narrowed to N18.8 per dollar from N18.8 per dollar last week Friday.

Source:- Vanguardngr