Naira depreciates to N1,370/$ in parallel market

The naira yesterday depreciated to N1,370 per dollar in the parallel market from N1,300 per dollar on Thursday.
Similarly, the naira depreciated to N902.45 per dollar in the Nigerian Foreign Exchange Market (NAFEM).

Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N902.45 per dollar from N902.08 per dollar on Thursday, indicating 37 kobo depreciation for the naira.

The volume of dollars (turnover) traded on the window fell by 17 per cent to $145.89 million from $176.53 million on Thursday.

Consequently, the gap between the official and parallel market exchange rates widened to N467.55 per dollar yesterday from N397.92 on Thursday.