Naira falls to N927.19/$ in official market


nairaThe naira today depreciated to N927.19 per dollar in the Nigerian Foreign Exchange Market (NAFEM).

Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N927.19 per dollar from N832.32 per dollar on Thursday, indicating N94.87 kobo depreciation for the naira.

The market recorded an intraday high of N1160 per dollar and an intraday low of N701 per dollar resulting in a gap of N459 per dollar.

The volume of dollars trade in NAFEM fell by 2.8 percent to $110.14 million from $115.41 million traded on Thursday.

Similarly, the naira depreciated to N1,166 per dollar in the parallel market from N1, 165 per dollar on Thursday.

As a result, the gap between the official and parallel market exchange rates narrowed to N238.81 per dollar yesterday from N332.68 per dollar on Thursday.

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