Naira depreciates to N1,710/$ in parallel market

By Elizabeth Adegbesan

The Naira yesterday depreciated to N1,710 per dollar in the parallel market from N1,690 per dollar on Wednesday.

Similarly, the Naira depreciated to N1,660.49 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM.

Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N1,660.49 per dollar from N1,659.69 per dollar on Wednesday , indicating 80 kobo depreciation for the naira.

The volume of dollars traded (turnover) in the official market grew by 86.4 percent to $330.18 million from $177.1 million traded on Wednesday.

Consequently, the margin between the parallel market and NAFEM rate widened to N49.51 per dollar from N30.31 per dollar on Wednesday.

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