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Naira Hits N1,250/$ In Parallel Market

Yesterday, the value of the naira dropped in the parallel market to N1,250 per dollar from N1,240 per dollar on Thursday. Conversely, the naira strengthened in the Nigerian Foreign Exchange Market (NAFEM) to N869.13 per dollar, leading to a wider gap between the official and parallel market rates, reaching N380.87 per dollar yesterday compared to N344.77 per dollar on Thursday.

According to data from FMDQ, the indicative exchange rate for NAFEM declined to N869.13 per dollar from N895.23 per dollar on Thursday, signifying a N26.1 appreciation for the naira.

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