Naira depreciates to N1,420/$ in parallel market

By Elizabeth Adegbesan

The Naira yesterday depreciated to N1,420 per dollar in the parallel market from N1,406 per dollar last weekend.

But the naira appreciated to N1,380.5 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 fell to N1380.5 per dollar from N1381.7 per dollar last weekend, indicating N1.2 appreciation for the naira.

Consequently, the margin between the parallel and official markets widened to N39.5 per dollar from N24.3 per dollar last weekend.

The interbank turnover at NFEM fell  by 21.2 percent to N86.13 million yesterday from N71.04 million last weekend.