Naira depreciate to N1,595/$ in parallel market

The Naira, yesterday, depreciated in the parallel market, falling to N1,595 per dollar from N1,590 per dollar on Tuesday.

Similarly, the Naira weakened to N1,586.04 per dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM).

Data from FMDQ showed that the indicative exchange rate for NAFEM increased to N1,586.04 per dollar from N1,582.09 per dollar on Tuesday, reflecting a N3.95 depreciation for the Naira.

The volume of dollars traded in the market dropped by 54 percent to $92.39 million from $201.43 million on Tuesday. As a result, the margin between the parallel market and the NAFEM rate widened to N8.96 per dollar from N7.91 per dollar on Tuesday.