Naira down to N1,500/$ in parallel market

 The Naira depreciated against the dollar in both the parallel market and the Nigerian Autonomous Foreign Exchange Market (NAFEM) yesterday.

In the parallel market, the Naira fell to N1,500 per dollar, down from N1,485 per dollar on Tuesday.

In NAFEM, the indicative exchange rate rose to N1,476.24 per dollar, a N2.58 depreciation from Tuesday's rate of N1,473.66 per dollar.

The volume of dollars traded on the window decreased by 76% to $92.68 million, down from $385.91 million on Tuesday.

As a result, the margin between the parallel market and NAFEM rates widened to N23.76 per dollar, up from N11.34 per dollar on Tuesday.