Naira Depreciates at Official, Parallel Market Against U.S. Dollar

The Naira on Thursday depreciated to N1,603.8 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM.

Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N1,603.8 per dollar from N1,586.71 per dollar on Wednesday, indicating N37.95 depreciation for the naira.

The volume of dollars traded (turnover) in the market fell by 23.3 percent to $131.09 million from $171.03 million traded on Wednesday.

Similarly, the Naira yesterday depreciated to N1,580 per dollar in the parallel market from N1,575 per dollar on Wednesday.

Consequently, the margin between the parallel market and NAFEM rate widened to N18.8 per dollar from N11.71 per dollar on Wednesday.