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Naira depreciates to N1,739/$ in parallel market
With trading volumes increasing significantly, the widening gap between market rates raises questions about currency stability.
The Naira yesterday depreciated to N1,739 per dollar in the parallel market from N1,735 per dollar on Wednesday.
However, the Naira appreciated to N1,601.2 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM.
Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,601.2 per dollar from N1,654.09 per dollar on Wednesday , indicating N52.89 appreciation for the naira.
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The volume of dollars traded (turnover) in the official market increased by 69 percent to $230.99 million from $136.68 million traded on Wednesday.
Consequently, the margin between the parallel market and NAFEM rate widened to N137.8 per dollar from N80.91 per dollar on Wednesday.
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