Naira depreciates to N1,510/$ in parallel market

Yesterday, the Naira declined in the parallel market, falling to N1,510 per dollar from N1,500 per dollar on Tuesday.

Similarly, the Naira depreciated to N1,507.83 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM.

Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N1,507.83 per dollar from N1,500.79 per dollar on Tuesday, indicating N7.04 depreciation for the naira.

The volume of dollars traded (turnover) in the market rose by 29 percent to $176.39 million from $136.72 million traded Tuesday. Consequently, the margin between the parallel market and NAFEM rates narrowed to per dollar from N2.17 per dollar on Tuesday.

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