Naira Falls to N1,385 per U.S. Dollar in Parallel Market

By Elizabeth Adegbesan

Yesterday, the Naira fell to N1,385 per U.S. dollar in the parallel market, down from N1,380 per dollar on Tuesday.

In the official Nigerian Foreign Exchange Market (NFEM), the Naira also weakened to N1,389 per dollar.

Central Bank of Nigeria (CBN) data indicated that the market's indicative rate climbed to N1,389 per dollar, up from N1,373 per dollar on Tuesday, reflecting a depreciation of N16.

As a result, the spread between the parallel and official markets narrowed to N4 per dollar, down from N25 per dollar on Tuesday.

Interbank turnover in the NFEM increased by 0.24 percent, reaching N125.6 million yesterday compared with N125.3 million the day before.

Vanguard News