Naira now N1,300/$ in parallel market

The naira yesterday appreciated to N1,300 per dollar in the parallel market from N1,305 per dollar on Wednesday.

However , the naira depreciated in the Nigerian Foreign Exchange Market (NAFEM) yesterday to N837.49 per dollar.

Data from FMDQ showed that the indicative exchange rate for the I&E window rose to N837.49 per dollar from N801.1 per dollar on Tuesday, indicating N36.39 depreciation for the naira.

Consequently, the gap between the official and parallel market exchange rates narrowed to N462.51 per dollar yesterday from N496.9 per dollar on Wednesday.