The Naira depreciated to N1,660 per dollar in the parallel market yesterday, down from N1,645 per dollar last Friday.

Conversely, the Naira appreciated to N1,580.46 per dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM).

Data from FMDQ indicated that the indicative exchange rate for NAFEM dropped to N1,580.46 per dollar from N1,593.32 per dollar last weekend, marking a N12.86 appreciation for the Naira. The volume of dollars traded (turnover) in the market decreased by 22 percent to $197.37 million from $254.17 million traded last weekend.

As a result, the margin between the parallel market and NAFEM rate widened to N79.54 per dollar from N51.68 per dollar last Friday.

Source News

Vanguard

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