By Our Reporter
The Naira yesterday plunged further at N1,635 per dollar in the parallel market from N1,625 per dollar last weekend.
Recall that the naira on Tuesday appreciated to N1,585.77 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM.
According to FMDQ, exchange rate for NAFEM fell to N1,585.77 per dollar from N1,598.56 per dollar last weekend, showing that the naira rose by N12.79, even though there was a noticeable fall in the volume of dollars traded (turnover) in the market, which according to the data declined by 58.8 percent to $71.18 million from $172.8 million traded last week Friday.
This has further widened the margin between the parallel market and NAFEM to N49.23 per dollar from N26.44 per dollar last weekend.