Market News
Naira depreciates to N1,610/$ in parallel market - VANGUARD
By Elizabeth Adegbesan
The Naira on Friday depreciated to N1,610 per dollar in the parallel market from N1,580 per dollar on Thursday.
Similarly, the Naira yesterday depreciated to N1,609.29 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM.
Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N1,609.29 per dollar from N1,603.8 per dollar on Thursday, indicating N5.49 kobo depreciation for the naira.
The volume of dollars traded (turnover) in the market increased by 28.6 percent to $168.63 million from $131.09 million traded on Thursday .
Consequently, the margin between the parallel market and NAFEM rate narrowed to 71 kobo per dollar from N18.8 per dollar on Thursday.
