The Naira depreciated to N1,635 per dollar in the parallel market.

 Yesterday, the Naira depreciated to N1,635 per dollar in the parallel market, down from N1,625 per dollar last weekend. Conversely, it appreciated to N1,585.77 per dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM).

According to data from FMDQ, the indicative exchange rate for NAFEM dropped to N1,585.77 per dollar from N1,598.56 per dollar last weekend, reflecting a N12.79 appreciation for the Naira. The market’s dollar trading volume (turnover) decreased by 58.8 percent, falling to $71.18 million from $172.8 million traded last Friday.

As a result, the gap between the parallel market and NAFEM rates widened to N49.23 per dollar from N26.44 per dollar last weekend. 

https://www.vanguardngr.com/2024/09/naira-depreciates-to-n1635-in-parallel-market/