The Naira yesterday depreciated to N1, 590 per dollar in the parallel market from N1,580 per dollar on Monday. Similarly, the Naira yesterday depreciated to N1,582.09 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM.
Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N1,582.09 per dollar from N1,570.99 per dollar on Monday, indicating N11.1 depreciation for the naira.
The volume of dollars traded in the market declined by 18.2 per cent to $201.43 million from $246.44 million traded on Monday.
Consequently, the margin between the parallel market and NAFEM rate narrowed to N7.91 per dollar from N10.8 per dollar on Monday.
