Naira Falls to N1,405 in Parallel Market as Official Rate Slips

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The naira weakened across both markets on Wednesday. In the parallel market, the dollar traded at N1,405, down from N1,389 on Tuesday.

At the official Nigerian Foreign Exchange Market, the naira depreciated to N1,361.5 per dollar. Data from the Central Bank of Nigeria showed the indicative rate rose from N1,356.5 per dollar, a drop of N5.

The gap between the parallel and official rates widened to N43.5 per dollar. It stood at N32.5 per dollar the previous day.

Interbank turnover at the NFEM fell sharply. It dropped by 56.8 percent to N54.3 million from N125.7 million the day before.

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