Naira depreciates to N1,610 per dollar in parallel market

By Kachi Ekile

On Tuesday, the Naira depreciated to N1,610 per dollar in the parallel market following its N1,600 per dollar value on Monday.

In the same vein, the Naira undervalued to N1,592.06 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM.

According to data from FMDQ, the indicative exchange rate for NAFEM rose to N1,592.06 per dollar from N1,579.22 per dollar on Monday. This indicates N12.84 depreciation for the naira.

Dollars traded in NAFEM fell by 6.5 per cent to $152.26 million from $162.99 million traded on Monday, resulting in the margin between the parallel market and NAFEM rate narrowing to N17.94 per dollar from N20.78 per dollar.

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