The naira depreciated yesterday to N1,220 per dollar in the parallel market from N1,205 per dollar on Monday. Similarly, the naira depreciated to N865.03 per dollar in the official Nigerian Foreign Exchange Market (NAFEM
Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N865.03 per dollar from N864.29 per dollar on Monday, indicating a 74 Kobo depreciation for the naira.
As a result, the gap between the official and parallel market exchange rates widened to N354.97 per dollar yesterday from N340.71 per dollar on Monday.
However, in their weekly market report , analysts at Afrinvest Research projected further decline in the foreign exchange (FX) rate across all market segments this week.
“This week, we expect rates across FX segments of the market to diverge on the back of lingering demand-supply imbalance.”
