Naira Depreciates to N1,655 per Dollar in Parallel Market, NAFEM Rate Narrows

By Elizabeth Adegbesan

The Naira yesterday depreciated to N1,655 per dollar in the parallel market from N1,645 per

dollar traded on Wednesday.

Similarly, the Naira yesterday depreciated to N1,649.76 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM.

Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N1,649.76 per dollar from N1,558.75 per dollar on Wednesday, indicating N91.01 depreciation for the naira.

Consequently, the margin between the parallel market and NAFEM rate narrowed to N5.24 per dollar from N86.25 per dollar the previous day.

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