Naira depreciates to N1,170/$ in parallel market

The Naira on Monday depreciated to N1,170 per dollar in the parallel market from N1,166 per dollar last week Friday.

Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N837.77 per dollar from N927.19 per dollar last week Friday, indicating N89.42 kobo appreciation for the naira.

The Naira appreciated to N837.77 per dollar in the Nigerian Foreign Exchange Market (NAFEM) yesterday.

The volume of dollars traded (turnover) on NAFEM fell by 32.8 percent to $73.93 million from $110.14 million last week Friday.

As a result, the gap between the official and parallel market exchange rates widened to N332.23 per dollar yesterday from N238.81 per dollar last week Friday.