The Naira yesterday depreciated to N1,391 per dollar in the parallel market from N1,350 per dollar on Tuesday. Likewise, the naira depreciated to N1,359.5 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 N1,359.5 per dollar from N1,359 per dollar on Tuesday, reflecting 50 kobo depreciation for the naira.
Consequently, the margin between the parallel and official markets widened to N31.5 per dollar from N9 per dollar on Tuesday.
