The Nigerian Naira depreciated in the parallel market to N1,500 per dollar from N1,485 per dollar on Tuesday.

Similarly, the Naira depreciated to N1,476.24 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM.

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Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N1,476.24 per dollar from N1,473.66 per dollar on Tuesday, indicating N2.58 depreciation for the naira.

The volume of dollars traded on the window fell by 76 per cent to $92.68 million from $385.91 million on Tuesday.

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Consequently, the margin between the parallel market and NAFEM rates widened to N23.76 per dollar from N11.34 per dollar on Tuesday.

Photo Credit: Getty