Economy
Naira Depreciates Further in Parallel Market
The Naira experienced a significant depreciation yesterday, dropping to N1,595 per dollar in the parallel market, down from N1,585 per dollar on Tuesday.
Similarly, the Naira weakened in the Nigerian Autonomous Foreign Exchange Market (NAFEM), falling to N1,596.52 per dollar.
Data from FMDQ showed that the indicative exchange rate for NAFEM increased to N1,596.52 per dollar from N1,601 per dollar on Tuesday, indicating a N5.48 depreciation for the naira.
The volume of dollars traded in the market saw a substantial rise of 51.7 percent, reaching $93.92 million from the $61.9 million traded on Tuesday.
Consequently, the margin between the parallel market and NAFEM rate narrowed to N1.52 per dollar from N16 per dollar on Tuesday.
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