The Naira yesterday depreciated to N1,610 per dollar in the parallel market from N1,600 per dollar last week Friday.

Similarly, the Naira yesterday depreciated to N1,596.6 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM.

Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N1596.6 per dollar from N1,570.14 per dollar last week Friday, indicating N26.46 depreciation for the naira. The volume of dollars traded (turnover) in NAFEM fell by 17.3 percent to $102.93 million from $120.81 million traded last weekend.

Consequently, the margin between the parallel market and NAFEM rate narrowed to N13.4 per dollar from N29.86 per dollar last weekend.

VANGUARD