The Naira depreciated yesterday to N1,603.8 per dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM).
Data from FMDQ indicated that the indicative exchange rate for NAFEM increased to N1,603.8 per dollar from N1,586.71 per dollar on Wednesday, marking a N37.95 depreciation for the naira.
Additionally, the volume of dollars traded (turnover) in the market decreased by 23.3 percent, falling to $131.09 million from $171.03 million traded on Wednesday.
Similarly, the Naira depreciated yesterday in the parallel market, reaching N1,580 per dollar from N1,575 per dollar on Wednesday.
As a result, the margin between the parallel market rate and the NAFEM rate widened to N18.8 per dollar from N11.71 per dollar on Wednesday.
