The Naira depreciated to N1,658.48 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM.

Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N1,658.48 per dollar from N1,562.66 per dollar on Monday, indicating N95.82 depreciation for the naira.

The volume of dollars traded (turnover) in the official market increased by 66 percent to $166.36 million from $100.21 million traded on Monday. e Naira appreciated to N1,655 per dollar in the parallel market from N1,660 per dollar on Monday.

Consequently, the margin between the parallel market and NAFEM rate narrowed to N3.48 per dollar from N97.01 per dollar on Monday.

VANGUARD