Naira down to N1,505/$ in parallel market

The Naira yesterday depreciated in the parallel market to N1,505 per dollar from N1,495 per dollar last weekend. Similarly, the Naira depreciated to N1,490.2 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM.

Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N1,490.2 per dollar from N1,485.53 per dollar last weekend, indicating N4.67 depreciation for the naira. The volume of dollars traded (turnover) in the market fell by 21.4 per cent to $152 million from $193.5 million traded last week Friday.

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Consequently, the margin between the parallel market and NAFEM rates widened to N14.8 per dollar from N9.47 per dollar last weekend.