The Naira on Wednesday depreciated in the parallel market to N1,520 per dollar from N1,515 per dollar on Tuesday.
According to FMDQ data, the indicative exchange rate for NAFEM declined to N1,512.61 per dollar from N1,509.45 per dollar on Tuesday, representing a naira devaluation of N3.16.
The volume of dollars traded (turnover) in the market fell by 98.4 percent to $114.91 million from $213.31 million traded on Tuesday.
As a result, the gap between parallel market and NAFEM rates grew to N7.39 per dollar from N5.55 per dollar on Tuesday.
