Market News
Naira depreciates to N1,470 /$ in parallel market - VANGUARD
By Elizabeth Adegbesan
THE Naira yesterday depreciated to N1,470 per dollar in the parallel market from N1,460 per dollar on Tuesday.
Similarly, the naira depreciated to N1,447.5 per dollar in the Nigerian Foreign Exchange Market (NFEM).
Data published by the Central Bank of Nigeria, CBN, showed that the exchange rate for the naira rose to N1,447.5 per dollar from N1,447 per dollar on Tuesday , indicating 50 kobo depreciation for the naira.
As a result, the margin between the parallel market and NFEM rate widened to N22.5 per dollar from N13 per dollar on Tuesday.
