The Naira lost value in the parallel market, moving from N1,495 per dollar last weekend to N1,505 per dollar today.

In a similar vein, in the Nigerian Autonomous Foreign Exchange Market (NAFEM), the value of the Naira fell to N1,490.2 per dollar.

The indicative exchange rate for NAFEM increased to N1,490.2 per dollar from N1,485.53 per dollar last weekend, according to data from FMDQ, indicating a N4.67 devaluation of the naira.

The amount of money exchanged in the market, or turnover, decreased by 21.4 percent to $152 million from $193.5 million on Friday of the previous week.

Consequently, the margin between the parallel market and NAFEM rates widened to N14.8 per dollar from N9.47 per dollar last weekend.

END.