Naira depreciates to N1,365/$ in parallel market

By Elizabeth Adegbesan

The Naira yesterday depreciated to N1,365 per dollar in the parallel market, from N1,320 per dollar on Tuesday.

Similarly, the Naira depreciated in the Nigerian Foreign Exchange Market, NAFEM, to N1,402.67 per dollar.

Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N1,402.67 per dollar from N1,390.96 per dollar on Tuesday, indicating N11.71 depreciation for the naira.

Consequently, the margin between the parallel market and NAFEM rates narrowed to N37.67 per dollar from N70.96 per dollar on Tuesday.

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