Naira Depreciates by N10 in Parallel Market

The Naira yesterday depreciated to N1,670 per dollar in the parallel market from N1,660 per dollar on Tuesday. Similarly, the Naira depreciated to N1,550 per dollar in the official foreign exchange market.

Data published by the Central Bank of Nigeria, CBN, showed that the exchange rate for Nigerian Foreign Exchange Market (NFEM) rose to N1,550 per dollar from N1,549 per dollar on Tuesday, indicating N1 depreciation for the naira.

Consequently, the margin between the parallel market and NFEM rate widened to N120 per dollar from N111 per dollar on Tuesday.