Naira depreciates to N1,405 in parallel market

The naira yesterday depreciated to N1,405 per dollar in the parallel market from N1,375 per dollar on Wednesday.

Similarly, the naira depreciated to N900.96 per dollar in the Nigerian Foreign Exchange Market (NAFEM).

Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N900.96 per dollar from N882.24 per dollar on Wednesday, indicating N18.76 depreciation for the naira.

Consequently, the gap between the official and parallel market exchange rates widened to N504.04 per dollar yesterday from N492.76 per dollar on Wednesday.

Credit: Vanguard