Naira down to N1,595/$ in parallel market

The Naira, yesterday, depreciated to N1,595 per dollar in the parallel market from N1,590 per dollar on Tuesday.

Similarly, the Naira depreciated to N1, 586.04 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM.

Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N1,586.04 per dollar from N1,582.09 per dollar on Tuesday, indicating N3.95 depreciation for the naira.

The volume of dollars traded in the market declined by 54 percent to $92.39 million from $201.43 million traded on Tuesday. Consequently, the margin between the parallel market and NAFEM rate widened to N8.96 per dollar from N7.91 per dollar on Tuesday.