Naira depreciates to N1,656/$ in NAFEM

By Elizabeth Adegbesan

The Naira yesterday depreciated to N1,656.49 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM.

Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N1,656.49 per dollar from N1,546.51 per dollar last week Friday, indicating N109.98 depreciation for the naira.

However the Naira appreciated to N1,640 per dollar from N1,660 per dollar last weekend.

Consequently, the margin between the parallel market and NAFEM rate narrowed to N16.49 per dollar from N113.59 per dollar last week Friday.

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