Naira depreciates to N1,390/$ in parallel market

By Elizabeth Adegbesan

The Naira on today depreciated to N1,390 per dollar in the parallel market from N1,388 per dollar on Thursday.

Similarly, the naira depreciated to N1,342.5 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 naira rose to N1,342.5 per dollar from N1,341.01 per dollar on Thursday, reflecting N1.49 depreciation for the naira.

Consequently, the margin between the parallel and official markets widened to N47.5 per dollar from N46.99 per dollar on Thursday.

The NFEM turnover for the interbank foreign exchange market stood at N124.3 million yesterday, down by 67.3 percent from N74.3 million on Thursday.

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