Naira drops to N1,250/$ in parallel market

The Naira, yesterday, experienced a depreciation to N1,250 per dollar in the parallel market, compared to N1,140 per dollar on Thursday.

Similarly, in the Nigerian Foreign Exchange Market (NAFEM), the Naira also depreciated to N1,234.49 per dollar.

Data sourced from FMDQ revealed that the indicative exchange rate for NAFEM increased to N1,234.49 per dollar from N1,169.99 per dollar the previous week Friday, indicating a depreciation of N64.5 for the Naira.

Consequently, the margin between the parallel market and NAFEM rates decreased to N15.51 per dollar from N29.99 per dollar the previous weekend.