Naira Depreciates To N1,180/$ In Parallel Market

The naira yesterday depreciated to N1,180 per dollar in the parallel market from N1,170 per dollar on Wednesday.

However, the naira appreciated in the Nigerian Foreign Exchange Market (NAFEM) yesterday to N793.28 per dollar.

Data from FMDQ showed that the indicative exchange rate for the I&E window rose to N793.28 per dollar from N786.02 per dollar on Wednesday, indicating N7.26 depreciation for the naira.

The volume of dollars traded in the NAFEM increased by 28 percent to $136.11 million from $105.98 million traded the previous day.

Consequently, the gap between the official and parallel market exchange rates widened to N386.72 per dollar yesterday from N334.68 per dollar on Wednesday.