Parallel Market: Naira slips to N1,405 per dollar

The Naira yesterday weakened to N1,405 per dollar in the parallel market against N1,400 per dollar recorded on Monday.

Furthermore, the naira depreciated to N1,379 per dollar in the Nigerian Foreign Exchange Market, NFEM.

The data from the Central Bank of Nigeria,

CBN, showed that the indicative exchange rate in the market appreciated slightly to N1,379 per dollar against N1,371 per dollar on Monday,

thus showing depreciation of N8 for the naira.

In addition, the gap between the parallel and official markets shrank to N26 per dollar against N29 per dollar on Monday.

Moreover, the interbank volume at NFEM declined by 24.4 percent to N41.7 million yesterday against N54.2 million on Monday.