Naira falls to N1,035/$ in official market; ‘black market’ N1,235

The Naira, today, depreciated to N1,035.12 per dollar in the Nigerian Foreign Exchange Market, NAFEM.

Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N1,035.12 per dollar from N988.46 per dollar on Tuesday.

This indicates 5.0 percent or N46.66 depreciation for the naira.

However, the Naira, same today, appreciated to N1,235 per dollar in the parallel market.

In the parallel market (popular as the “black market”) the exchange rate was from N1,250 per dollar on Tuesday.

Consequently, the gap between the official and parallel market exchange rates narrowed to N199.88 per dollar today. It was N261.54 per dollar on yesterday, Tuesday.