Naira Depreciates Further, Parallel Market Hits N1,387/$1

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The naira weakened against the dollar yesterday, trading at N1,387 per dollar in the parallel market. This was down from N1,380 per dollar recorded on Wednesday.

In the official Nigerian Foreign Exchange Market (NFEM), the naira also depreciated. Data from the Central Bank of Nigeria (CBN) showed the indicative exchange rate rose to N1,372.75 per dollar from N1,372.5 per dollar on Wednesday. This represents a 70 kobo loss for the naira.

The gap between the parallel and official markets widened slightly. The margin stood at N14.25 per dollar, up from N7.95 per dollar the previous day.

Turnover in the interbank foreign exchange market dropped sharply. It fell by 70.5 percent to $116.04 million from $68.02 million recorded on Wednesday.

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