The Naira yesterday depreciated to N1,685 per dollar in the parallel market from N1,660 per dollar on Monday. But the local currency appreciated to N1,561.76 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM.
Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,561.76 per dollar from N1,635.15 per dollar on Monday, indicating N73.39 appreciation for the naira. The volume of dollars traded (turnover) in the official market grew by 100.9 percent to $253.68 million from $126.24 million traded on Monday
Consequently, the margin between the parallel market and NAFEM rate widened to N123.24 per dollar from N24.85 per dollar on Monday.
