Naira depreciates to N1,250/$ in parallel market

The Naira, yesterday, depreciated to N1,250 per dollar in the parallel market, from N1,140 per dollar on Thursday.

Similarly, the Naira depreciated in the Nigerian Foreign Exchange Market, NAFEM, to N1,234.49 per dollar.

Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N1,234.49 per dollar from N1,169.99 per dollar last week Friday, indicating N64.5 depreciation for the naira.

Consequently, the margin between the parallel market and NAFEM rates narrowed to N15.51 per dollar from N29.99 per dollar last weekend.