Naira depreciates to N1,300 per dollar in official market

The Naira depreciated on Tuesday, April 23, in the Nigerian Foreign Exchange Market, NAFEM, to N1,300.15 per dollar, exceeding the parallel market rate by N45.15. 

Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N1,300.15 per dollar from N1,234.49 per dollar last week Friday, indicating N65.66 depreciation for the naira. 

Similarly, the Naira depreciated to N1,255 per dollar in the parallel market, from N1,1250 per dollar on Monday, April 22. 

Consequently, the margin between the parallel market and NAFEM rates increased to N45.15 per dollar from N15.51 per dollar the previous day.