Naira Depreciates To N1,500/$ In Parallel Market

The naira yesterday depreciated to N1,500 per dollar in the parallel market from N1,465 per dollar on Tuesday.

Similarly, the naira depreciated to N1,479.47 per dollar in the Nigerian Foreign Exchange Market (NAFEM).

Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N1,479.47 per dollar from N1,418.78 per dollar on Wednesday, indicating N60.69 depreciation for the naira.

Consequently, the gap between the official and parallel market exchange rates narrowed to N20.53 per dollar yesterday from N46.22 per dollar on Wednesday.