By Elizabeth Adegbesan

The Naira yesterday depreciated to N1,575 per dollar in the parallel market from N1,572 per dollar on Thursday.

Similarly, the Naira depreciated to N1,596.92 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM.

Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N1,596.92 per dollar from N1,566.82 per dollar on Thursday, indicating N30.1 depreciation for the naira.

The market recorded an intraday high of N1,619 per dollar and an intraday day low of N1,495 per dollar resulting in a N124 bearing.

The volume of dollars traded (turnover) in the market declined by 8.2 percent to $250.67 million from $273.14 million traded on Thursday.

Consequently, the margin between the parallel market and NAFEM rates widened to N21.92 per dollar from N5.18 per dollar on Thursday.