Naira down to N1,403/$ in parallel market

By Elizabeth Adegbesan

The Naira yesterday depreciated to N1,403 per dollar in the parallel market from N1,385 per dollar on Wednesday.

Similarly, the naira depreciated to N1,371.4 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 N1,371.4 per dollar from N1,369 per dollar on Wednesday,  indicating N2.4 depreciation for the naira. 

Consequently, the margin between the parallel and official markets widened to N31.6 per dollar from N16 per dollar on Wednesday.

The interbank turnover at NFEM fell by 4.9 percent to N85.5 million yesterday from N90.3 million the previous day.

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