Naira falls to N1,625 in official market as trading volume slumps

The Naira yesterday depreciated to N1,625.13 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM.

Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N1,625.13 per dollar from N1,561.76 per dollar on Tuesday, indicating N63.37 depreciation for the naira. The volume of dollars traded (turnover) in the official market declined by 32.7 percent to $170.6 million from $253.68 million traded on Tuesday

However, the Naira appreciated in the parallel market to N1,675 per dollar in the from N1,685 per dollar on Tuesday.

Consequently, the margin between the parallel market and NAFEM rate narrowed to N49.87 per dollar from N123.24 per dollar on Tuesday.

(Vanguard)