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Naira depreciates, exchanges for N1,565/$ in parallel market

Data published by the Central Bank of Nigeria, CBN, showed that the exchange rate for the naira fell to N1,534 per dollar from N1,537 per dollar on Wednesday, indicating N3 depreciation for the naira.

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Money naira and dollar

The Naira yesterday depreciated to N1,565 per dollar in the parallel market from N1,540 per dollar on Wednesday.

But the naira depreciated to N1,534 per dollar in the Nigerian Foreign Exchange Market (NFEM).

Data published by the Central Bank of Nigeria, CBN, showed that the exchange rate for the naira fell to N1,534 per dollar from N1,537 per dollar on Wednesday, indicating N3 depreciation for the naira.

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Consequently, the margin between the parallel market and NFEM rate widened to N31 per dollar from N13 per dollar the previous day.

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