Naira depreciates to N1,395/$ in parallel market

By Elizabeth Adegbesan

The  Naira yesterday depreciated to N1,395 per dollar in the parallel market from N1,390 per dollar last Friday. Likewise, the local currency depreciated to N1,373.5 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 market rose to N1,373.5 per dollar from N1,372 per dollar last week Friday,  reflecting  N1.5 depreciation for the naira. Consequently, the margin between the parallel and official markets widened to N21.5 per dollar from N19 per dollar last weekend.

The turnover in the interbank foreign exchange market increased by 57.3 percent to  $76.3 million from $48.5million the previous day.

The post Naira depreciates to N1,395/$ in parallel market appeared first on Vanguard News.