By Elizabeth Adegbesan

The Naira depreciated to N1,635.15 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM.

Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N1,635.15 per dollar from N1,631.21 per dollar last Friday, indicating N3.94 depreciation for the naira. However, the Naira yesterday rose to N1,660 per dollar in the parallel market from N1,665 per dollar last weekend.

The volume of dollars traded (turnover) in the official market declined by 47 percent to $126.24 million from $238.36 million traded last weekend. Consequently, the margin between the parallel market and NAFEM rate narrowed to N24.85 per dollar from N33.79 per dollar last week Friday.