Source: Business Day

Naira depreciates to N1,515 to $1 in parallel market.

The Naira depreciated in the parallel market yesterday, falling to N1,515 per dollar from N1,495 per dollar on Wednesday.

In the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira also weakened, depreciating to N1,485.66 per dollar.

According to data from FMDQ, the indicative exchange rate for NAFEM increased to N1,485.66 per dollar from N1,462.59 per dollar on Wednesday, showing a depreciation of N23.07.

The market saw an intraday high of N1,510 per dollar and an intraday low of N1,401 per dollar, resulting in a fluctuation of N109 per dollar.

The volume of dollars traded (turnover) rose by 35.7 percent to $167.55 million from $123.45 million on Wednesday.

As a result, the margin between the parallel market and NAFEM rates narrowed to N29.34 per dollar from N33.59 per dollar on Wednesday.

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