Naira Depreciates to ₦1300 at the Nigerian Foreign Exchange Market

The Naira on Tuesday depreciated to ₦1300.15 per dollar at the Nigerian Foreign Exchange Market, NAFEM exceeding the parallel market rate by ₦45.15.

According to the data from FMDQ, the indicative exchange rate for NAFEM rose to ₦1,300.15 per dollar from ₦1,234.49 per dollar last week Friday, indicating ₦65.66 depreciation for the naira.

Similarly, the Naira depreciated to ₦1,255 per dollar in the parallel market, from ₦1,1250 per dollar on Monday.

Consequently, the margin between the parallel market and NAFEM rates widened to ₦45.15 per dollar from ₦15.51 per dollar the previous day.