Naira falls to N1,385/$ in parallel market

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The naira weakened to N1,385 per dollar in the parallel market yesterday, down from N1,380 per dollar on Tuesday.

In the Nigerian Foreign Exchange Market (NFEM), the naira also depreciated to N1,389 per dollar. Data from the Central Bank of Nigeria (CBN) showed the indicative exchange rate rose by N16, moving from N1,373 per dollar to N1,389 per dollar.

The gap between the parallel and official markets narrowed to N4 per dollar, compared to N25 per dollar on Tuesday.

Interbank turnover at the NFEM increased slightly by 0.24 percent to N125.6 million, up from N125.3 million the previous day.

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