Naira falls further, hits N1,410 in parallel market

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The naira slipped again on Thursday, trading at N1,410 per dollar in the parallel market. That was a drop of N5 from N1,405 recorded on Wednesday.

In the official Nigerian Foreign Exchange Market, the naira also weakened. Data from the Central Bank of Nigeria showed the indicative exchange rate rose to N1,365.5 per dollar from N1,361.5. That marked a N4 depreciation.

The gap between the parallel and official rates widened to N44.5 per dollar. It stood at N43.5 the previous day.

Trading activity slowed sharply. Interbank turnover at the NFEM fell by 28.8 percent to N69.92 million, down from N54.3 million the day before.

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