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July 28, 2026|05:33

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Forex

Naira depreciates to N1,407/$ in parallel market

Vanguard Nigeria about 3 hours 1 mins read

By Elizabeth Adegbesan

The Naira yesterday depreciated to N1,407 per dollar in the parallel market from N1,400 per dollar last week Friday.

Similarly, the naira depreciated to N1,364 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 naira rose to N1,364 per dollar from N1,361 per dollar last weekend, indicating N3 depreciation for the naira.

Consequently, the margin between the parallel and official markets widened to N43 per dollar from N39 per dollar last week Friday.

The interbank turnover at NFEM fell by 55.5 percent to N39.6 million yesterday from N89.03 million last weekend.

The post Naira depreciates to N1,407/$ in parallel market appeared first on Vanguard News.

This article was sourced from an external publication.

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