Naira Falls to 1,405 per Dollar in the Parallel Market

By Elizabeth Adegbesan

The Naira fell to N1,405 per dollar in the parallel market yesterday, down from N1,380 per dollar on Monday.

In contrast, the Naira strengthened to N1,374 per dollar in the Nigerian Foreign Exchange Market (NFEM).

Central Bank of Nigeria data showed the indicative exchange rate in the official market decreased to N1,374 per dollar from N1,377 per dollar on Monday, reflecting a N3 appreciation of the Naira.

As a result, the spread between the parallel and official markets widened to N28 per dollar, up from N3 per dollar on Monday.

Turnover in the interbank foreign exchange market rose 31.9 percent to $73.6 million from $5 million.

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