Naira depreciates to N1,700 in parallel market

By Elizabeth Adegbesan

The Naira on Friday, depreciated to N1,700 per dollar in the parallel market from N1,675 per dollar on Thursday.

However, the Naira appreciated to N1,540.78 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM.

Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,540.78 per dollar from N1,576.1 per dollar on Thursday, indicating N35.32 appreciations for the naira.

The volume of dollars traded (turnover) in the official market declined by 36.4 percent to $212.31 million from $334.05 million traded on Thursday.

Consequently, the margin between the parallel market and NAFEM rate widened to N159.22 per dollar from N98.9 per dollar on Thursday.

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