The Naira depreciated to N1,670.65 per dollar in the Nigerian Autonomous Foreign Exchange Market, or NAFEM, yesterday after appreciating to N1,730 per dollar in the parallel market from N1,740 per dollar last weekend.
According to data from FMDQ, the indicative exchange rate for NAFEM increased to N1,670.65 per dollar from N1,600 per dollar last Friday, indicating a depreciation of N70.65 for the naira.
The number of dollars traded (turnover) in the official market fell by 71.5 percent to $81.17 million from $284.93 million last weekend, while the margin between the parallel market and NAFEM rate narrowed to N59.35 per dollar from N140 per dollar last Friday.
