The naira yesterday depreciated to N1,620 per dollar in the parallel market from N1,615 per dollar on Tuesday.
Similarly, yesterday, the naira experienced a depreciation to N1,615.94 per dollar in the Nigerian Foreign Exchange Market (NAFEM).
Data sourced from FMDQ revealed that the indicative exchange rate for NAFEM increased to N1,615.94 per dollar from N1,603.38 per dollar on Tuesday, signaling a depreciation of N12.56 for the naira.
Throughout the trading day, the market observed a high of N1,635 per dollar and a low of N1,500 per dollar, resulting in a range of N135. The volume of dollars traded (turnover) in the market surged by 103.5 percent to $248.75 million from $122.18 million traded on Tuesday.
Consequently, the gap between the parallel market rate and NAFEM narrowed to N4.06 per dollar from N11.62 per dollar on Tuesday.