Naira now N1,395/$ in parallel market

By Elizabeth Adegbesan

THE Naira yesterday depreciated to N1,395 per dollar in the parallel market from N1,386 per dollar last Friday.

Similarly, the naira depreciated to N1,385 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 N1,385 per dollar from N1,384 per dollar last weekend,  indicating N1 depreciation for the naira.

 Consequently, the margin between the parallel and official markets widened to N9 per dollar from N2 per dollar last week Friday.

The interbank turnover at NFEM rose by 80.3 per cent to N223.9 million yesterday from N124.2 million last weekend.

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