The naira experienced a depreciation in both the parallel market and the Nigerian Foreign Exchange Market (NAFEM) yesterday. In the parallel market, the naira fell to N1,620 per dollar from N1,615 per dollar the previous day. Similarly, in the NAFEM, the naira depreciated to N1,615.94 per dollar from N1,603.38 per dollar on Tuesday.

Data provided by FMDQ indicated that the indicative exchange rate for NAFEM rose to N1,615.94 per dollar, representing a depreciation of N12.56 for the naira. Throughout the trading day, the market observed an intraday high of N1,635 per dollar and an intraday low of N1,500 per dollar, resulting in a fluctuation of N135.

The volume of dollars traded (turnover) in the market significantly increased by 103.5 percent, reaching $248.75 million compared to $122.18 million traded on Tuesday. Consequently, the margin between the parallel market rate and NAFEM narrowed to N4.06 per dollar from N11.62 per dollar the previous day.

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