Naira depreciates to N1,380/$ in parallel market

By Elizabeth Adegbesan

The  Naira yesterday depreciated to N1,380 per dollar in the parallel market  from N1,376 per dollar last weekend. Likewise,  the naira depreciated to N1,377 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 N1,377 per dollar from N1,375 per dollar last week Friday, reflecting N2 depreciation for the naira. 

Consequently, the margin between the parallel and official markets widened to N3 per dollar from N1 per dollar last weekend.

The turnover in the interbank foreign exchange market declined by 10.5 percent to  $55.8 million from $62.34 million last weekend.

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