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The Naira depreciated to N1,640 per dollar in the parallel market yesterday, compared to N1,620 per dollar on Wednesday.
In the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira also depreciated to N1,639.41 per dollar from N1,625.88 per dollar the previous day, reflecting a depreciation of N13.53.
Data from FMDQ indicated that the indicative exchange rate for NAFEM increased to N1,639.41 per dollar, while the volume of dollars traded in the market dropped by 9.7 percent to $185.79 million from $205.76 million on Wednesday.
As a result, the margin between the parallel market rate and the NAFEM rate narrowed to 59 kobo per dollar from N5.88 per dollar on Wednesday.