Naira depreciates to N1,140/$ in parallel market

The Naira has depreciated to N1,140 per dollar in the parallel market, from N1,060 per dollar on Thursday.

Similarly, the Naira depreciated in the Nigerian Foreign Exchange Market, NAFEM, to N1,169.99 per dollar.

Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N1,169.99 per dollar from N1,154.98 per dollar on Thursday, indicating N15.01 depreciation for the naira

The market recorded an intraday high of N1,236 per dollar and an intraday low of N1,021 per dollar resulting in a margin of N215.

The volume of dollars traded on the window declined by 53.2 percent to $86.86 million from N185.62 million on Thursday.

Consequently, the margin between the parallel market and NAFEM rates narrowed to N29.99 per dollar from N94.08 per dollar on Thursday.

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