The Naira currency on Monday depreciated against the dollar at the parallel market to N1,505 per dollar from N1,495 per dollar that it was last weekend.
Report states that the Naira also depreciated to N1,490.2 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM.
Data from FMDQ shows that the indicative exchange rate for NAFEM rose to N1,490.2 per dollar from N1,485.53 per dollar that it was by last weekend, indicating N4.67 depreciation for the naira.
The volume of dollars traded (turnover) in the market fell by 21.4 percent to $152 million from $193.5 million that was traded last week Friday.
Consequently, the margin between the parallel market and NAFEM rates widened to N14.8 per dollar unlike the N9.47 per dollar last weekend.
saharandaily