The Naira depreciated to N1,658.48 per dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM).
The Financial Market Infrastructure Group warehousing (FMDQ) data indicated that the exchange rate for NAFEM rose to N1,658.48 per dollar from N1,562.66 per dollar on Monday, indicating N95.82 depreciation for the naira.
The volume of dollars traded (turnover) in the official market increased by 66 per cent to $166.36 million from $100.21 million traded on Monday. e Naira appreciated to N1,655 per dollar in the parallel market from N1,660 per dollar on Monday.
Consequently, the margin between the parallel market and the NAFEM rate narrowed to N3.48 per dollar from N97.01 per dollar on Monday.
