Naira continues fall, exchanges at N1,240/$ at parallel market

The naira fell to N1,240 per dollar in the parallel market yesterday, down from N1,235 per dollar on Wednesday.

However, the naira appreciated in the Nigerian Foreign Exchange Market (NAFEM) to N895.23 per dollar yesterday, expanding the gap between the official and parallel market exchange rates to N344.77 per dollar from N199.88 per dollar on Wednesday.

According to FMDQ data, the indicated exchange rate for NAFEM declined to N895.23 per dollar from N1,035.12 per dollar on Wednesday, indicating a naira appreciation of N139.77.