Yesterday, the Naira depreciated in the parallel market to N1,575 per dollar, down from N1,572 per dollar on Thursday.
Similarly, in the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira fell to N1,596.92 per dollar.
Data from FMDQ indicated that the NAFEM indicative exchange rate increased to N1,596.92 per dollar from N1,566.82 per dollar on Thursday, reflecting a depreciation of N30.1.
The market experienced an intraday high of N1,619 per dollar and a low of N1,495 per dollar, resulting in a N124 variance.
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The volume of dollars traded (turnover) in the market decreased by 8.2 percent, from $273.14 million on Thursday to $250.67 million.
Consequently, the margin between the parallel market rate and the NAFEM rate widened to N21.92 per dollar from N5.18 per dollar on Thursday.
(Vanguard)
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