The Naira yesterday depreciated further to N1, 482.57 per dollar in the official foreign exchange market leading to near convergence with the parallel market exchange rate which rose to N1,470 per dollar. This development market the first time in the post Covid era when the official exchange rate will be higher than the parallel market exchange rate.
Data from FMDQ showed that the indicative exchange rate for official Nigeria Foreign Exchange Market, NAFEM rose to N1,482.57 per dollar from N1,348.63 per dollar on Monday, indicating N133.94 depreciation for the naira.
Consequently, the Naira has depreciated by 66 per cent in two days from N891.9 per dollar last week.
Similarly, the naira yesterday depreciated to N1,470 per dollar in the parallel market from N1,425 per dollar on Monday. Consequently, the gap between the official and parallel market exchange rates narrowed to N12.57 per dollar from N76.37 per dollar on Monday.
