The Naira depreciated to N1,625.88 per dollar yesterday in the Nigerian Autonomous Foreign Exchange Market, (NAFEM).
Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N1,625.88 per dollar from N1,611.34 per dollar on Tuesday, indicating N14.54 depreciation for the naira.
The volume of dollars traded (turnover) in the market declined by 1.8 per cent to $205.76 million from $209.61 million traded on Tuesday. However, the Naira appreciated N1,620 per dollar in the parallel market from N1,630 per dollar on Tuesday.
Consequently, the margin between the parallel market and the NAFEM rate narrowed to N5.88 per dollar from N18.66 per dollar on Tuesday.
