Naira Depreciates To N1,585/$ In Parallel Market

The Naira weakened in the parallel market today, dropping to N1,585 per dollar from N1,550 per dollar on Monday.

However, the Naira appreciated to N1,525 per dollar in the official foreign exchange market.

Data from the Daily Nigerian Foreign Exchange Market (NFEM) published by the Central Bank of Nigeria, CBN, showed that the indicative exchange rate for the naira fell to N1,525 per dollar from N1,538 per dollar on Monday, indicating N13 appreciation.

According to data from FMDQ, the volume of dollars traded on the Nigerian Autonomous Foreign Exchange Market, NAFEM, rose by 129 percent to $401.17 million from N175.15 million traded on Monday.

Consequently, the margin between the parallel market and NFEM rate widened to N60 per dollar from N12 per dollar on Monday.