Home Business Banking & Finance Naira depreciates to 1,490/$

Naira depreciates to 1,490/$

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The Naira yesterday depreciated in the parallel market to N1,490 per US dollar from N1,470 per dollar last week.

In the Nigerian Autonomous Foreign Exchange Market (NAFEM), Naira appreciated to N1,483.62 per dollar

Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,483.62 per dollar from N1,483.99 per dollar last weekend, indicating 37 kobo appreciation for the naira.

The volume of dollars traded in NAFEM fell by 40 per cent to $161.69 million from $269.27 million traded Friday last week.

Consequently, the margin between the parallel market and NAFEM rates narrowed to N6.38 per dollar from N185.67 per dollar last week Friday.

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