Naira Depreciates Further at Parallel Market

The naira yesterday depreciated to N1,230 per dollar in the parallel market from N1, 225 per dollar last week Friday.

However, the naira appreciated to N872.59 per dollar in the official Nigerian Foreign Exchange Market (NAFEM).

Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N872.59 per dollar from N885.88 per dollar last weekend, indicating a N13.29 appreciation for the naira.

Consequently, the gap between the official and parallel market exchange rates widened to N357.41 per dollar yesterday from N339.12 per dollar last week Friday.

The volume of dollars traded on the window increased by 39 percent to $127.93 million from $92.16 million traded last weekend.