Naira depreciates to N1,240/$

The naira,on Thursday,.depreciated to N1,240 per dollar in the parallel market from N1,235 per dollar on Wednesday.

However, the naira appreciated to N895.23 per dollar in the Nigerian Foreign Exchange Market (NAFEM), thus widening the gap between the official and parallel market exchange rates to N344.77 per dollar yesterday from N199.88 per dollar on Wednesday.

Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N895.23 per dollar from N1,035.12 per dollar on Wednesday, indicating N139.77 appreciation for the naira.