Naira Falls Across Markets, Parallel Rate Hits N1,380/$1

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The naira depreciated to N1,380 per dollar in the parallel market yesterday, down from N1,376 per dollar last weekend.

In the official Nigerian Foreign Exchange Market (NFEM), the naira also weakened. Data from the Central Bank of Nigeria (CBN) showed the indicative exchange rate rose to N1,377 per dollar from N1,375 per dollar last Friday. This represents a N2 depreciation for the naira.

The gap between the parallel and official markets widened to N3 per dollar, compared to N1 per dollar last weekend.

Meanwhile, turnover in the interbank foreign exchange market fell by 10.5 percent to $55.8 million, down from $62.34 million recorded last weekend.

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