Naira depreciates to N1,645/$ in parallel market

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The Naira yesterday depreciated to N1,645 per dollar from N1,640 per dollar on Tuesday.

However, the Naira appreciated to N1,539.65 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM.

Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,539.65 per dollar from N1,656.49 per dollar on Tuesday, indicating N116.84 appreciation for the naira.

The volume of dollars traded (turnover) in the official market grew by 38.9 percent to $139.48 million from $100.39 million traded on Tuesday.

Consequently, the margin between the parallel market and NAFEM rate widened to N105.35 per dollar from N16.49 per dollar on Tuesday.