By Elizabeth Adegbesan

The naira yesterday depreciated to N1,250 per dollar in the parallel market from N1, 240 per dollar last weekend.

Similarly, the naira yesterday depreciated to N988.46 per dollar in the Nigerian Foreign Exchange Market (NAFEM).

Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N988.46 per dollar from N907.11 per dollar last Friday, indicating N81.35 depreciation for the naira.

Consequently, the gap between the official and parallel market exchange rates narrowed to N261.54 per dollar yesterday from N332.89 per dollar last week Friday.