NAIRA DEPRECIATES TO N1,575/$ IN PARALLEL MARKET
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The naira depreciated yesterday 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.
According to data from FMDQ, the indicative exchange rate for NAFEM rose to N1,586.71 per dollar from N1,548.76 per dollar on Tuesday, indicating a N37.95 depreciation for the naira.
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
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