Naira depreciates to N1,590/$ in parallel market
The Naira Friday, depreciated to N1, 590 per dollar in the parallel market from N1,585 per dollar on Thursday.
Similarly, the Naira depreciated to N1,579.89 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM.
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Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N1,579.89 per dollar from N1,564.4 per dollar on Thursday, indicating N15.49 depreciation for the naira.
The volume of dollars traded in the market decreased by 22.7 percent to $115.23 million from $149.24 million traded on Thursday.
Consequently, the margin between the parallel market and NAFEM rate narrowed to N10.11 per dollar from N20.52 per dollar on Thursday
