Naira Falls To N1,382/$ In Parallel Market

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The naira depreciated to N1,382 per dollar in the parallel market yesterday from N1,378 last weekend. It also weakened in the Nigerian Foreign Exchange Market, NFEM, where the rate moved to N1,331.5 per dollar.

Official Rate Slips

Data from the Central Bank of Nigeria, CBN, showed the indicative exchange rate for the naira rose to N1,331.5 per dollar from N1,330 per dollar last weekend. The movement represents N1.5 depreciation for the naira.

Parallel Market Gap Widens

The margin between the parallel and official markets widened to N50.5 per dollar from N48 per dollar last week Friday. The parallel market rate stood at N1,382 per dollar, compared with N1,378 last weekend.

NFEM Turnover Declines

The value of interbank turnover in NFEM declined by 77.7 percent to $24.73 million from $111.06 million last weekend.

The wider N50.5 margin means buyers who source dollars from the parallel market pay more than those using the official NFEM rate. The drop in interbank turnover also points to lower dollar supply at the official market.

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