The Naira yesterday depreciated to N1, 585 per dollar in the parallel market from N1,580 per dollar on Monday. Similarly, the Naira yesterday depreciated to N1,621.12 per dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM).
Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N1,621.12 per dollar from N1,611.4 per dollar on Monday, indicating N9.72 depreciation for the naira.
The volume of dollars traded in the market decreased by 7.2 percent to $166.34 million from $179.34 million traded on Monday. Consequently, the margin between the parallel market and NAFEM rate widened to N36.12 per dollar from N31.4 per dollar on Monday.
