Naira Depreciates To ₦1,680/$ In Parallel Market

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The Naira has continued to lose value against the dollar on Wednesay, depreciating to N1,680 per dollar in the parallel market from N1,655 per dollar on Tuesday.

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The naira also depreciated to N1,667.42 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM.

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Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N1,667.42 per dollar from N1,658.48 per dollar on Tuesday, indicating N8.94 depreciation for the naira. The volume of dollars traded (turnover) in the official market declined by 39.6 percent to $100.47 million from $166.36 million traded on Tuesday.

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Consequently, the margin between the parallel market and NAFEM rate widened to N12.58 per dollar from N3.48 per dollar on Tuesday.