Naira now N1,422/$ in parallel market

By Elizabeth Adegbesan

The Naira yesterday depreciated to N1,422 per dollar in the parallel market from N1,415 per dollar on Wednesday. However, the naira appreciated to N1,381 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 fell to N1,381 per dollar from N1383.5 per dollar on Wednesday, indicating N2.5 appreciation for the naira. Consequently, the margin between the parallel and official markets widened to N41 per dollar from N31.5 per dollar on Wednesday. The interbank turnover at NFEM rose sharply   by 68.7 per cent to N205.4 million yesterday from N121.7 million on Wednesday.

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