Naira falls to N1,640/$ in parallel market

The naira on Friday depreciated to N1,640 per dollar in the parallel market from N1,595 per dollar on Thursday.

Similarly, the naira on Friday depreciated to N1,537.96 per dollar in the Nigerian Foreign Exchange Market (NAFEM).

Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N1,537.96 per dollar from N1,498.25 per dollar on Thursday, indicating N39.71 depreciation for the naira.

The market recorded an intraday high of N1,631 per dollar and an intraday low of N1,000 per dollar resulting in a bearing of N631 per dollar.

The volume of dollars traded (turnover) during this week declined by 59 percent to $886.49 million from $2.16 billion the previous week.

As a result, the gap between the official and parallel market exchange rates widened to N102.04 per dollar today from N96.75 per dollar on Thursday.