Depreciation Continues as Naira Hits N1,485/$ in Parallel Market

Naira on Thursday depreciated to N1,485.99 per dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM).

Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N1,485.99 per dollar from N1,484.75 per dollar on Thursday, indicating N1.24 depreciation for the naira.

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Meanwhile, the volume of dollars traded in the market declined by 1.7 percent to $213.52 million from $235.51 million traded on Thursday.

However, the naira was stable at N1,450 per dollar in the parallel market.

Consequently, the margin between the parallel market and NAFEM rates narrowed to N35.99 per dollar from N59.75 per dollar on Thursday.

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