Naira drops to 1,300/$ in official market

The Naira yesterday depreciated in the Nigerian Foreign Exchange Market (NAFEM), to N1,300.15 per dollar exceeding the parallel market rate by N45.15.

Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N1,300.15 per dollar from N1,234.49 per dollar last week Friday, indicating N65.66 depreciation for the naira.

Similarly, the Naira depreciated to N1,255 per dollar in the parallel market, from N1,1250 per dollar on Monday.

Consequently, the margin between the parallel market and NAFEM rates widened to N45.15 per dollar from N15.51 per dollar the previous day.

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