Naira depreciates to N1,265/$ in parallel market


World Bank lists naira among worst-performing African currencies

The naira yesterday fell to N1,265 per dollar in the parallel market from N1,260 per dollar last week Friday.
However, the naira depreciated to N838.95 per dollar in the Nigerian Foreign Exchange Market (NAFEM).

Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N838.95 per dollar from N890.54 per dollar last week Friday indicating N51.59 appreciation for the naira.

Consequently, the gap between the official and parallel market exchange rates widened to N426.05 per dollar yesterday from N369.46 per dollar last weekend.

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