Naira depreciate to N1,565/$ in parallel market

The Naira yesterday appreciated to ₦1,565 per dollar in the parallel market, up from ₦1,585 per dollar last Friday. Conversely, it depreciated to ₦1,548.76 per dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM).

Data from FMDQ revealed that the indicative exchange rate for NAFEM increased to ₦1,548.76 per dollar from ₦1,500.32 per dollar on Monday, reflecting a ₦48.44 depreciation for the Naira. The volume of dollars traded in the market rose by 11.04% to $280.92 million, up from $269.88 million on Monday.

As a result, the gap between the parallel market rate and the NAFEM rate narrowed to ₦16.08 per dollar, down from ₦84.64 per dollar on Monday.