Naira falls 18% to N951.22/$ in Forex Market.

In the Nigerian Foreign Exchange Market (NAFEM), the value of the naira plummeted to N951.22 per dollar yesterday.

The indicated exchange rate for NAFEM rose to N951.22 per dollar from N806.73 per dollar on Tuesday, according to data from FMDQ. This indicates an 18%, or N144.49, depreciation of the naira.

In the same vein, on Tuesday, the value of the naira fell to N1,172 per dollar on the parallel market from N1,168.

Because of this, the difference between the official and black-market currency rates dropped from N361.27 per dollar on Tuesday to N220.78 per dollar yesterday.