Naira drops in the parallel market to N1,565/$.

Yesterday, the Naira appreciated to N1,565 per dollar in the parallel market, up from N1,585 per dollar last Friday. However, it depreciated to N1,548.76 per dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM).

According to data from FMDQ, the indicative exchange rate for NAFEM rose to N1,548.76 per dollar from N1,500.32 per dollar on Monday, marking a N48.44 depreciation for the Naira. The volume of dollars traded (turnover) in the market increased by 11.04 percent to $280.92 million from $269.88 million on Monday.

As a result, the margin between the parallel market and NAFEM rate narrowed to N16.08 per dollar from N84.64 per dollar on Monday.

 

(Vanguard)

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