Naira falls to N1,395/$ in parallel market

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The naira depreciated to N1,395 per dollar in the parallel market yesterday. This is down from N1,386 per dollar last Friday.

In the official Nigerian Foreign Exchange Market (NFEM), the naira also weakened. It traded at N1,385 per dollar, compared to N1,384 per dollar last weekend. Data from the Central Bank of Nigeria shows the indicative exchange rate rose by N1.

The gap between the parallel and official markets has widened. It now stands at N9 per dollar, up from N2 per dollar last Friday.

Trading activity increased sharply. Interbank turnover at the NFEM rose by 80.3 percent to N223.9 million yesterday, from N124.2 million last weekend.

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