Naira falls to N1,395 per dollar in the parallel market

By Elizabeth Adegbesan

Yesterday, the Naira fell to N1,395 per dollar in the parallel market, up from N1,390 per dollar on Friday. In the official Nigerian Foreign Exchange Market (NFEM), the local currency traded at N1,373.5 per dollar.

Central Bank of Nigeria data showed the indicative exchange rate in the official market rose to N1,373.5 per dollar from N1,372 per dollar the previous Friday, marking a depreciation of N1.5. The spread between the parallel and official markets widened to N21.5 per dollar, compared with N19 per dollar last weekend.

Turnover in the interbank foreign exchange market increased by 57.3 percent, reaching $76.3 million from $48.5 million the day before.

The post Naira depreciates to N1,395/$ in parallel market appeared first on Vanguard News.