Naira depreciates in parallel market to N1.740/$

The Naira  today depreciated to N1,740 per dollar in the parallel market from N1,739 per dollar on Thursday.

However, the Naira appreciated to N1,601.2 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM.

Data from FMDQ showed that the indicative exchange rate for NAFEM fell  to N1,600 per dollar from N1,601.2 per dollar on Thursday , indicating N1.2 appreciation for the naira.

The volume of dollars traded (turnover) in the official market increased by 23  percent to $284.93 million from $230.99 million traded on Thursday.

Consequently, the margin between the parallel market and NAFEM rate widened to N140 per dollar from N137.8  per dollar on Thursday.