Naira Depreciates Heavily In Official Market

The naira, today, Friday, depreciated to N885.88 per dollar in the official Nigerian Foreign Exchange Market, NAFEM.

Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N885.88 per dollar from N861.91 per dollar on Thursday.

This indicates a N23.97 depreciation for the naira.

The intraday high stood at N1,248 per dollar while the intraday low for the window was N700 per dollar resulting in a N548 per dollar margin.

Similarly, the naira depreciated to N1,225 per dollar in the parallel market from N1, 220 per dollar on Thursday.

Consequently, the gap between the official and parallel market exchange rates narrowed to N339.12 per dollar today, Friday, from N358.09 per dollar on Thursday.

The volume of dollars traded on the window fell by 49 percent to $92.16 million from $181.3 million traded on Thursday.