Naira dips, now N1,382/$ in parallel market

By Elizabeth Adegbesan

The Naira yesterday depreciated to N1,382 per dollar from N1,378 in the parallel market last weekend. Similarly, the naira depreciated to N1,331.5 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 N1,331.5 per dollar from N1,330 per dollar last weekend, indicating N1.5 depreciation for the naira.

Consequently, the margin between the parallel and official markets widened to N50.5 per dollar from N48 per dollar last week Friday.

The value of interbank turnover in NFEM declined by 77.7 percent to $24.73 million from $111.06 million last weekend.

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