Naira falls to N1,260/$ in parallel market

The Naira is now exchanging at N1,260 to a dollar in the parallel market, a N20 increase from N1,240 recorded on Thursday, January 11. 

The Naira also depreciated to N890.54 per dollar in the Nigerian Foreign Exchange Market (NAFEM). Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N890.54 per dollar from N874.79 per dollar on Thursday, indicating N15.75 depreciation for the Naira.

Following the recent development, the gap between the official and parallel market exchange rates has now widened.