Naira falls to N1,535/$ in parallel market

The Naira yesterday depreciated in the parallel market to N1,535 per dollar from N1,520 per dollar on Wednesday.

Similarly, in the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira depreciated to N1,520.24 per dollar.

According to data from FMDQ, the indicative exchange rate for NAFEM fell to N1,520.24 per dollar from N1,512.61 per dollar on Wednesday, marking a depreciation of N7.63 for the Naira.

The volume of dollars traded (turnover) in the market increased by 51%, rising to $173.51 million from $114.91 million traded on Wednesday.

Consequently, the gap between the parallel market and NAFEM rates widened to N14.76 per dollar from N7.39 per dollar on Wednesday.