Naira depreciates against dollar, trades at N1,398 /$ in parallel market

Yesterday, the Naira dipped to N1,398 per dollar in the parallel market, up from N1,385 on Tuesday.

However, it appreciated to N1,360 per dollar in the Nigerian Foreign Exchange Market, NFEM.

According to the Central Bank of Nigeria, CBN, the indicative exchange rate for this market dropped to N1,360 per dollar from N1,360.22 on Tuesday, which is a mere 22 kobo appreciation for the naira.

As a result, the difference between the unofficial and official markets grew to N38 per dollar, an increase from N24.78 on Tuesday.

Moreover, there was a decline of 26.2 percent in turnover in the interbank foreign exchange market, sliding down to $133.73 million from $168.82 million on Tuesday.