The Naira depreciated to N1,615 per dollar in the parallel market yesterday, down from N1,610 per dollar recorded on Monday.
In contrast, the Naira appreciated in the Nigerian Autonomous Foreign Exchange Market, NAFEM, where it strengthened to N1,594.27 per dollar.
Data from FMDQ indicated that the NAFEM’s indicative exchange rate dropped to N1,594.27 per dollar from Monday’s N1,596.6 per dollar, marking a N2.33 gain for the Naira.
Additionally, the volume of dollars traded in NAFEM saw a significant increase of 52 percent, rising to $156.94 million compared to $102.93 million traded on Monday.
As a result, the margin between the parallel market rate and the NAFEM rate narrowed to N20.73 per dollar from N13.4 per dollar earlier in the week.