The Naira depreciated yesterday in the parallel market to N1,505 per dollar, down from N1,495 per dollar last weekend. Similarly, in the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira fell to N1,490.2 per dollar.
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According to data from FMDQ, the indicative exchange rate for NAFEM increased to N1,490.2 per dollar from N1,485.53 per dollar last weekend, marking a depreciation of N4.67 for the Naira. The volume of dollars traded in the market decreased by 21.4 percent to $152 million from $193.5 million last Friday.
As a result, the gap between the parallel market and NAFEM rates widened to N14.8 per dollar from N9.47 per dollar last weekend.
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