Naira slips to N1,415/$ in parallel market, NFEM rate gains

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The naira depreciated to N1,415 per dollar in the parallel market on Friday, from N1,410 per dollar on Thursday. In the official Nigerian Foreign Exchange Market, the naira appreciated slightly.

Official rate improves marginally

Data from the Central Bank of Nigeria showed the indicative exchange rate for the naira fell to N1,368 per dollar, from N1,368.5 per dollar on Thursday. That represents a 50 kobo appreciation for the naira in the NFEM.

Parallel-official gap widens

As a result, the margin between the parallel and official markets widened to N47 per dollar, up from N41.5 per dollar on Thursday. Interbank turnover at NFEM rose by 1.01 percent to N58.99 million, from N58.4 million the previous day.

The wider spread between the parallel and official rates suggests pressure is still building in the unofficial market, which many businesses and individuals rely on for dollar access. That could feed into the pricing of goods and services that depend on parallel market forex.

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