Naira falls to N1,380 per dollar in the parallel market

By Elizabeth Adegbesan

The Naira slipped to N1,380 per dollar in the parallel market yesterday, a slight decline from N1,376 per dollar observed last weekend. In the Nigerian Foreign Exchange Market (NFEM), the rate moved to N1,377 per dollar.

Central Bank of Nigeria (CBN) data indicate that the indicative exchange rate rose to N1,377 per dollar from N1,375 per dollar on the previous Friday, marking a N2 depreciation of the naira.

As a result, the spread between the parallel and official markets widened to N3 per dollar, up from N1 per dollar last weekend.

Turnover in the interbank foreign exchange market fell by 10.5 percent, dropping to $55.8 million from $62.34 million over the same period.

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