Naira Depreciates To 1565/$ In Parallel Market

The naira has again tumbled against the dollar at the exchange rate market.

Vanguard reported that the naira yesterday depreciated to N1,565 per dollar at the parallel market from N1,510 per dollar on Tuesday.

Similarly, the naira yesterday depreciated to N1,503.38 per dollar in the Nigerian Foreign Exchange Market (NAFEM).

Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,503.38 per dollar from N1,499.07 per dollar on Tuesday, indicating N4.31 depreciation for the naira.

As a result, the gap between the official and parallel market exchange rates widened to N61.65 per dollar yesterday from N10.93 per dollar on Tuesday.