Naira Falls To N1205/$ In Parallel Market

The naira depreciated yesterday to N1,205 per dollar in the parallel market from N1,185 per dollar last Friday.

However, the naira appreciated to N864.29 per dollar in the Nigerian Foreign Exchange Market (NAFEM).

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Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N864.29 per dollar from N1,099.05 per dollar last weekend, indicating a 21 percent or N234.76 appreciation for the naira.

As a result, the gap between the official and parallel market exchange rates widened to N340.71per dollar yesterday from N85.95 per dollar last week Friday.

The volume of dollars (turnover) traded on NAFEM increased by 4.04 by percent to $560.39 million last week from $584.02 million the previous week.