Naira down to N1,405/$ in parallel market

By Elizabeth Adegbesan

The Naira yesterday depreciated to N1,405 per dollar in the parallel market from N1,389 per dollar on Tuesday.

Similarly, the naira depreciated to N1,361.5 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 N1,361.5 per dollar from N1,356.5 per dollar on Tuesday,   indicating N5 depreciation for the naira.  

Consequently, the margin between the parallel and official markets narrowed to N43.5 per dollar from N32.5  per dollar on Tuesday.

The interbank turnover at NFEM fell by 56.8 percent to N54.3 million yesterday from N125.7 million the previous day.

The post Naira down to N1,405/$ in parallel market appeared first on Vanguard News.