Naira depreciates to N1,420 in parallel market
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The Naira yesterday depreciated to N1,420 per dollar in the parallel market from N1,410 per dollar on Monday
But the naira appreciated to N1,390.5 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 fell to N1,390.5 per dollar from N1,425 per dollar on Monday, reflecting N34.5 appreciation for the naira.
Consequently, the margin between the parallel and official markets widened to N29.5 per dollar from N15 per dollar on Monday.
Culled from vanguard
