Naira Depreciates by 0.3% at Parallel Market

The naira on Tuesday witnessed a flat rate as the dollar was quoted at N1,570 in the parallel market also known as black market, following improved liquidity in the foreign exchange (FX) market.

The current rate shows a slight depreciation of N5 or 0.3 percent against N1,565 quoted on Friday in the black market, data collated from online trading platforms and street traders indicated.

At the Nigerian Foreign Exchange Market (NFEM) the naira appreciated marginally to N1,502 per dollar on Monday from N1,502.50/$1 quoted on Friday last week, according to data from the Central Bank of Nigeria (CBN).

Consequently, the foreign exchange spread or gap between the official and black market has closed by N70 as of Tuesday compared to N85.24/$ last week.

The authorised currency dealers quoted the dollar at the highest rate of N1,504 on Monday as against N1,503 per dollar. The market recorded the lowest rate of N1,495.75 per dollar on Monday from N1,496 on Friday at NAFEM.