Naira depreciates to N1200/$ in parallel market

 THE Nigeria currency (naira) has depreciated to N1,200 per dollar in the parallel market from N1,160 per dollar last week Friday.

However, the naira appreciated in the Nigerian Foreign Exchange Market (NAFEM) yesterday to N793.34 per dollar.

Data from FMDQ showed that the indicative exchange rate for the I&E window fell to N793.34   per dollar from N808.37   per dollar last week Friday, indicating N15.03 appreciation for the naira. The volume of dollars traded in NAFEM increased by 2.8 percent to $81.55 million from $79.26 million traded last week Friday.

Consequently, the gap between the official and parallel market exchange rates widened to N386.68 per dollar yesterday from N351.56  per dollar last week Friday.

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