National
Naira falls to ₦1,395/$ at parallel market
The naira on Monday depreciated to ₦1,395 per dollar at the parallel market, down from ₦1,390 recorded last Friday.
The local currency also weakened at the Nigerian Foreign Exchange Market, trading at ₦1,373.5 per dollar compared to ₦1,372/$ at the close of trading last week.
Data released by the Central Bank of Nigeria ( CBN) showed that the official exchange rate dropped by ₦1.5, reflecting continued pressure on the local currency.
As a result, the gap between the parallel market and the official market widened to ₦21.5 per dollar from ₦19 recorded last weekend.
Meanwhile, turnover in the interbank foreign exchange market rose significantly by 57.3 per cent to $76.3 million, up from $48.5 million recorded in the previous trading session.
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