Naira falls to N1260/$ in parallel market

The naira depreciated yesterday to N1,260 per dollar in the parallel market from N1,220 per dollar on Tuesday.

Similarly, the naira depreciated to N904.65 per dollar in the official Nigerian Foreign Exchange Market (NAFEM).

Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N904.65 per dollar from N865.03 per dollar on Tuesday, indicating a  N39.62 depreciation for the naira.

As a result, the gap between the official and parallel market exchange rates widened to N355.35 per dollar yesterday from N354.97  per dollar on Tuesday.

The volume of dollars traded on NAFEM increased by 22 percent to $120.89 million from $99.09 million traded on Tuesday.