Naira depreciates even further, exchanges at N1,445/$ in parallel market

In the parallel market yesterday, the value of the Naira fell from N1,410 per dollar on Monday to N1,445 per dollar.

In a similar vein, the value of the Naira dropped to N1,416.57 per dollar on the Nigerian Foreign Exchange Market (NAFEM).

Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,416.57 per dollar from N1,354.21 per dollar on Monday, indicating N62.36 depreciation for the naira.

As a result, the difference in rates between the parallel market and NAFEM fell to N1.57 per dollar from N55.79 on Monday.