Naira Depreciates To N1,105/$ In Parallel Market

Yesterday, the Naira saw a decline in value to N1,105 per dollar in the parallel market, down from N1,100 per dollar recorded on Tuesday.

But the Naira appreciated in the Nigerian Foreign Exchange Market, NAFEM, to N1,072.74 per dollar.

Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,072.74 per dollar from N1,148.14 per dollar on Tuesday, indicating N75.4 appreciation for the naira.

Consequently, the margin between the parallel market and NAFEM rates narrowed to N32.26 per dollar from N48.14 per dollar on Tuesday.