Naira depreciates to N1,392/$ in parallel market

By Elizabeth Adegbesan

The  Naira yesterday depreciated to N1,392 per dollar in the parallel market from N1,388 per dollar on Wednesday.

Similarly, the naira depreciated to N1,371 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 fell to N1,371 per dollar from N1,368.95 per dollar on Wednesday,  reflecting  N2.05 appreciation for the naira. 

Consequently, the margin between the parallel and official markets widened to N21 per dollar from N19.05 per dollar on Wednesday.

The turnover in the interbank foreign exchange market decreased by 39.6 percent to  $78.8 million from $130.6 million the previous day.

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