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Naira depreciates to N1,403/$ in Parallel Market

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20 hours ago

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Naira devalued to N1,403 per dollar in the parallel market from N1,385 per dollar in Wednesday’s transaction.

Furthermore, the Naira devalued to N1,371.4 per dollar in the Nigerian foreign exchange market, NFEM.

According to data released by the Central Bank of Nigeria, CBN, the indicative exchange rate in the market appreciated to N1,371.4 per dollar from N1,369 per dollar in Wednesday’s transaction, which was an indication that N2.4 devaluation occurred for the Naira.

Thus, the difference between the parallel and the official market increased to N31.6 per dollar from N16 per dollar in Wednesday’s transaction.

NFEM interbank transaction decreased by 4.9 percent to N85.5 million in Wednesday’s transaction from N90.3 million the previous day.

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