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Naira falls 18% to N951.22/$ in NAFEM

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Naira falls 18% to N951.22/$ in NAFEMThe naira yesterday depreciated to N951.22 per dollar in the Nigerian Foreign Exchange Market (NAFEM).

Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N951.22 per dollar from N806.73 per dollar on Tuesday, indicating 18 percent or N144.49 depreciation for the naira.

Similarly, the naira depreciated to N1,172 per dollar in the parallel market from N1,168 per dollar on Tuesday.

As a result, the gap between the official and parallel market exchange rates narrowed to N220.78   per dollar yesterday from N361.27 per dollar on Tuesday.

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