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Forex

Naira depreciates to N1,400/$ in parallel market

Vanguard Nigeria about 2 hours 1 mins read

Naira falls to N1250/$ in parallel market

By Elizabeth Adegbesan

The Naira yesterday appreciated to N1,400 per dollar in the parallel market from N1,410 per dollar on Tuesday.

However, the naira depreciated to N1,363 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 N1,363 per dollar from N1,359.5 per dollar on Tuesday, indicating N3.5 depreciation for the naira.

Consequently, the margin between the parallel and official markets narrowed to N37 per dollar from N50.5 per dollar on Tuesday.

The post Naira depreciates to N1,400/$ in parallel market appeared first on Vanguard News.

This article was sourced from an external publication.

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