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Naira depreciates further, exchanges for N1,300/$ in official market
The indicative exchange rate for NAFEM increased to N1,300.15 per dollar from N1,234.49 per dollar last Friday, according to data from FMDQ, suggesting an N65.66 devaluation of the naira.
Yesterday, the Naira lost N45.15 against the dollar on the Nigerian Foreign Exchange Market (NAFEM), depreciating to N1,300.15 per dollar.
The indicative exchange rate for NAFEM increased to N1,300.15 per dollar from N1,234.49 per dollar last Friday, according to data from FMDQ, suggesting an N65.66 devaluation of the naira.
In a similar vein, the Naira lost value in the parallel market, falling from N1,1250 to N1,255 per dollar on Monday.
As a result, the difference in rates between the NAFEM and parallel market grew from N15.51 to N45.15 per dollar the day before.
