Naira Depreciates to N1,375/$ in Parallel Market as Official Rate Falls to N1,331

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The naira today depreciated to N1,375 per dollar in the parallel market from N1,370 on Wednesday. It also weakened to N1,331 per dollar in the Nigerian Foreign Exchange Market, NFEM.

Official Market Moves

Data from the Central Bank of Nigeria, CBN, showed that the indicative exchange rate for the naira rose to N1,331 per dollar from N1,329.56 per dollar on Wednesday. That indicated a N1.44 depreciation for the local currency.

Parallel Market Rate

The parallel market rate moved to N1,375 per dollar from N1,370 on Wednesday. The official NFEM rate stood at N1,331 per dollar.

Market Gap Widens

The margin between the parallel and official markets widened to N44 per dollar from N40.44 per dollar on Wednesday. The gap leaves the parallel market rate N44 above the official NFEM rate.

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