Martins Owoseni
The Nigerian Naira depreciated to ₦1,645 per dollar from ₦1,640 per dollar on Tuesday and appreciated to ₦1,539.65 per dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM).
The indicative exchange rate for NAFEM fell to ₦1,539.65 per dollar from ₦1,656.49 per dollar on Tuesday, indicating ₦116.84 appreciation for the naira, according to data from FMDQ, a financial market infrastructure group warehousing.
The volume of dollars traded (turnover) in the official market grew by 38.9 percent to $139.48 million from $100.39 million traded on Tuesday.
Consequently, the margin between the parallel market and NAFEM rate widened to ₦105.35 per dollar from ₦16.49 per dollar on Tuesday.