Naira depreciates to N1,570/$ in parallel market

The Naira yesterday depreciated to N1, 570 per dollar in the parallel market from N1,550 per dollar on Tuesday.

Similarly, the Naira depreciated to N1, 581.65 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM. Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N1,581.65 per dollar from N1,576.66 per dollar on Tuesday, indicating N4.99 depreciation for the naira. The volume of dollars (turnover) traded on the window declined by 21.7 percent to $108.16 million from $138.17 million traded on Tuesday.

Consequently, the margin between the parallel market and NAFEM rates narrowed to N11.65 per dollar from N26.66 per dollar on Tuesday.