Naira depreciates to N1,600/$ in parallel market

The Naira on Monday depreciated to N1, 600 per dollar in the parallel market from N1,590 per dollar last weekend.

However, the Naira appreciated to N1,579.22 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM.

Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,579.22 per dollar from N1,579.89 per dollar last week Friday, indicating 67 kobo appreciation for the naira.

The volume of dollars traded in the market increased by 41.4 per cent to $162.99 million from $115.23 million traded last weekend. Consequently, the margin between the parallel market and NAFEM rate widened to N20.78 per dollar from N10.11 per dollar last week Friday.