Naira falls to N1,680/$ in parallel market

The Naira depreciated to N1,680 per dollar in the parallel market yesterday, down from N1,655 per dollar on Tuesday.

In the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira also fell to N1,667.42 per dollar.

According to data from FMDQ, the indicative exchange rate for NAFEM increased to N1,667.42 per dollar from N1,658.48 per dollar on Tuesday, reflecting a depreciation of N8.94 for the Naira. The volume of dollars traded in the official market decreased by 39.6 percent, dropping to $100.47 million from $166.36 million on Tuesday.

As a result, the gap between the parallel market rate and the NAFEM rate widened to N12.58 per dollar, up from N3.48 per dollar on Tuesday.