FOREIGN EXCHANGE: NAIRA DEPRECIATES TO N1,611 IN NAFEM
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The Naira yesterday depreciated to N1,611.34 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM. Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N1,611.34 per dollar from N1,585.77 per dollar on Monday , indicating N25.57 depreciation for the naira.
The volume of dollars traded (turnover) in the market increased by 194.4 percent to $209.61 million from $71.18 million traded on Monday.
However, the Naira appreciated to N1,630 per dollar in the parallel market from N1,635 per dollar on Monday.
Consequently, the margin between the parallel market and NAFEM rate narrowed to N18.66 per dollar from N49.23 per dollar on Monday.
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