The Naira depreciated yesterday to N1,590 per dollar in the parallel market, down from N1,580 per dollar on Monday. Similarly, the Naira fell to N1,582.09 per dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM).
According to FMDQ data, the indicative exchange rate for NAFEM increased to N1,582.09 per dollar from N1,570.99 per dollar on Monday, reflecting an N11.1 depreciation for the Naira. The volume of dollars traded in the market dropped by 18.2% to $201.43 million, compared to $246.44 million on Monday.
As a result, the margin between the parallel market and NAFEM rates narrowed to N7.91 per dollar from N10.8 per dollar on Monday.
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