Market News
Naira depreciates to N1,420/$ in parallel market - VANGUARD
By Elizabeth Adegbesan
THE Naira yesterday depreciated to N1,420 per dollar in the parallel market from N1,415 per dollar Monday.
Likewise, the naira depreciated to N1,387 per dollar in the Nigerian Foreign Exchange Market, NFEM.
Data from the Central Bank of Nigeria, CBN, showed that the indicative exchange rate for the naira rose to N1,387 per dollar from N1,386.75 per dollar on Monday, reflecting 25 kobo depreciation for the naira.
Consequently, the margin between the parallel and official markets widened to N33 per dollar from N28.25 per dollar on Monday.
