Naira depreciates to N1,376/$ in parallel market

By Elizabeth Adegbesan

The Naira yesterday depreciated to N1,376 per dollar in the parallel market from N1,370 per dollar on Monday.

Similarly, the naira depreciated for the second time this week to N1,390 per dollar in the Nigerian Foreign Exchange Market, NFEM.

Data from the Central Bank of Nigeria, CBN, showed that the indicative exchange rate for the naira rose to N1,390 per dollar from N1,376 per dollar on Monday, reflecting N14 depreciation for the naira.

Consequently, the margin between the parallel and official markets widened to N14 per dollar from N6 per dollar on Monday.

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