Naira Weakens to N1,295/$ in Parallel Market Exchange

The naira yesterday fell to N1,295 per dollar in the parallel market from N1,265 per dollar on Monday.

However, the naira depreciated to N878.57 per dollar in the Nigerian Foreign Exchange Market (NAFEM).

Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N878.57 per dollar from N838.95 per dollar on Monday, indicating N39.62 depreciation for the naira.

Consequently, the gap between the official and parallel market exchange rates narrowed to N416.43 per dollar yesterday from N426.05 per dollar on Monday.