Naira depreciates to N1,745/$ in parallel market

The Naira yesterday depreciated to N1,745 per dollar in the parallel market from N1,740 per dollar on WednesdayBut the Naira appreciated to N1,658.67 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM.Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,658.67 per dollar from N1,687.52 per dollar on Wednesday, indicating N28.85 appreciation for the naira.

The volume of dollars traded (turnover) declined by 5.5 per cent to $163.66 million from $173.29 million traded on Wednesday.

Consequently, the margin between the parallel market and NAFEM rates widened to N86.33 per dollar from N52.48 per dollar on Wednesday.

Source:Vanguard