Naira Depreciates to N1,405/$ in Parallel Market

The Naira depreciated to N1,405 per dollar in the parallel market, from N1,305 per dollar on Wednesday.

Similarly, the Naira depreciated in the Nigerian Foreign Exchange Market, NAFEM, to N1,309.88 per dollar.

Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N1,309.88 per dollar from N1,308.52 per dollar on Wednesday, indicating N1.36 depreciation for the naira.

Consequently, the margin between the parallel market and NAFEM rates widened to N95.12 per dollar from N45.15 per dollar the previous day.