Naira depreciates to N1,175/$ in parallel market

The naira yesterday depreciated to N1,175 per dollar in the parallel market from N1,100 per dollar on Wednesday.

However, the naira appreciated in the Nigerian Foreign Exchange Market (NAFEM) yesterday to N782.68 per dollar. Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N782.68 per dollar from N790.68 per dollar on Tuesday, indicating N8 appreciation for the naira. The volume of dollars traded in NAFEM rose by 39 percent to $97.47 million from $69.88 million on Wednesday.
Consequently, the gap between the official and parallel market exchange rates widened to N392.32 per dollar yesterday from N309.32 per dollar on Wednesday.