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Nigeria

Naira depreciates to N1,387/$ in parallel market

Vanguard Nigeria about 1 hour 1 mins read

By Elizabeth Adegbesan

The Naira yesterday depreciated to N1,387 per dollar in the parallel market from N1,380 per dollar on Wednesday.

Similarly, the naira depreciated to N1,372.75 per dollar in the Nigerian Foreign Exchange Market, NFEM.

Data from the Central Bank of Nigeria, CBN, showed that the indicative exchange rate for the market rose to N1,372.75 per dollar from N1,372.5 per dollar on Wednesday, reflecting 70 kobo depreciation for the naira.

Consequently, the margin between the parallel and official markets narrowed to N14.25 per dollar from N7.95 per dollar on Wednesday.

The turnover in the interbank foreign exchange market declined by 70.5 percent to $116.04 million from $68.02 million the previous day.

The post Naira depreciates to N1,387/$ in parallel market appeared first on Vanguard News.

This article was sourced from an external publication.

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