The Naira depreciated in the parallel market yesterday, falling to N1,520 per dollar from N1,510 per dollar on Wednesday. Similarly, in the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira depreciated to N1,510.1 per dollar. Data from FMDQ indicated that the NAFEM indicative exchange rate increased to N1,510.1 per dollar from N1,507.83 per dollar on Wednesday, representing a N2.27 depreciation for the Naira. Additionally, the volume of dollars traded in the market surged by 62.8 percent, rising to $287.21 million from $176.39 million traded on Wednesday.
As a result, the margin between the parallel market and NAFEM rates widened to N10 per dollar from N2.17 per dollar on Wednesday.