Naira Depreciates to N1,740/$ in Parallel Market | #NwokeukwuMascot

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The naira today depreciated to N1,740 per dollar in the parallel market from N1,725 per dollar on Thursday.



Similarly, the naira depreciated to N1,678.87 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM.




Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N1,678.87 per dollar from N1,639.5  per dollar on Thursday indicating N49.37 depreciation for the naira.




The volume of dollars traded (turnover) in the official market grew by 473 percent to $1,403.76 million from $244.96 million traded on Thursday.




This is the highest volume traded in years. Consequently, the margin between the parallel market and NAFEM rate narrowed to N61.13 per dollar from N85.5 per dollar on Thursday.

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