Naira depreciates to N1,305/$ in parallel market

Yesterday, the Naira fell to N1,305 per dollar on the parallel market, down from N1,255 per dollar on Tuesday.

Similarly, it fell to N1,308.52 per dollar on the Nigerian Foreign Exchange Market (NAFEM).

According to FMDQ data, the indicative exchange rate for NAFEM increased to N1,308.52 per dollar from N1,300.15 per dollar on Tuesday, representing a N8.37 devaluation in the note.

Naira

As a result, the difference between parallel market and NAFEM rates fell to N3.52 per dollar, down from N45.15 the day before.

Source: Vanguardngr.com