Naira Depreciates in Parallel Market Against U.S. Dollar

The Naira yesterday depreciated to N1,665 per dollar in the parallel market from N1,660 per dollar last weekend.

But the Naira appreciated to N1,534.56 per dollar in the official foreign exchange market.

Data published by the Central Bank of Nigeria, CBN, showed that the exchange rate for Nigerian Foreign Exchange Market (NFEM) fell to N1534.56 per dollar from N1,535 per dollar last week Friday, indicating 44 kobo appreciation for the naira.

Consequently, the margin between the parallel market and NFEM rate widened to N130.44 per dollar from N125 per dollar last weekend.