Naira Falls to 1,400 per Dollar in Parallel Market

By Elizabeth Adegbesan

In the parallel market, the Nigerian naira strengthened to N1,400 per U.S. dollar yesterday, up from N1,410 per dollar on Tuesday.

Conversely, the naira weakened to N1,363 per dollar in the Nigerian Foreign Exchange Market (NFEM).

Central Bank of Nigeria (CBN) data show that the indicative exchange rate in the NFEM rose to N1,363 per dollar from N1,359.5 per dollar on Tuesday, reflecting a depreciation of N3.5.

As a result, the spread between the parallel and official markets narrowed to N37 per dollar, down from N50.5 per dollar on Tuesday.

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