The naira depreciated to N1,603.8 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM, on Wednesday, sustaining its plummeting trajectory.
Data from FMDQ showed that the indicative exchange rate rose to N1,603.8 per dollar from N1,586.71 per dollar the previous day, indicating N37.95 depreciation for the naira.
The volume of dollars traded in the market fell by 23.3 percent to $131.09 million from $171.03 million traded the previous day.
Similarly, the naira fell to N1,580 per dollar in the parallel market from N1,575 per dollar.
Consequently, the margin between the parallel market and NAFEM rate widened to N18.8 per dollar from N11.71 per dollar on Wednesday.
