Naira Depreciates by 0.29% in Parallel Market

Naira Against Dollar

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Naira Depreciates by 0.29% in Parallel Market

The Naira today depreciated to N1,745 per dollar in the parallel market from N1,740 per dollar on Thursday.

Similarly, the Naira depreciated to N1,672.69 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM.

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Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N1,672.69 per dollar from N1,644.86 per dollar on Thursday, indicating N27.83 depreciation for the naira.

The volume of dollars traded (turnover) increased by 54.6 percent to $254.1 million from $560.34 million traded on Thursday.

Consequently, the margin between the parallel market and NAFEM rate narrowed to N72.31 per dollar from N95.14 per dollar on Thursday.