Naira Depreciates To N1,700 To $1 In Parallel Market


 

The Naira on Friday, depreciated to N1,700 per dollar in the parallel market from N1,675 per dollar on Thursday.

However, the Naira appreciated to N1,540.78 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM.

Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,540.78 per dollar from N1,576.1 per dollar on Thursday, indicating N35.32 appreciations for the naira.

The volume of dollars traded (turnover) in the official market declined by 36.4 percent to $212.31 million from $334.05 million traded on Thursday.

Consequently, the margin between the parallel market and NAFEM rate widened to N159.22 per dollar from N98.9 per dollar on Thursday.

CKN NEWS

Chris Kehinde Nwandu is the Editor In Chief of CKNNEWS || He is a Law graduate and an Alumnus of Lagos State University, Lead City University Ibadan and Nigerian Institute Of Journalism || With over 2 decades practice in Journalism, PR and Advertising, he is a member of several Professional bodies within and outside Nigeria || Member: Institute Of Chartered Arbitrators ( UK ) || Member : Institute of Chartered Mediators And Conciliation || Member : Nigerian Institute Of Public Relations || Member : Advertising Practitioners Council of Nigeria || Fellow : Institute of Personality Development And Customer Relationship Management || Member and Chairman Board Of Trustees: Guild Of Professional Bloggers of Nigeria

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