Naira Falls to N1,398 in Parallel Market, Gains 22 Kobo in Official Market

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The naira depreciated to N1,398 per dollar in the parallel market on Wednesday, down from N1,385 per dollar on Tuesday.

In the Nigerian Foreign Exchange Market (NFEM), the naira appreciated slightly. Data from the Central Bank of Nigeria (CBN) showed the indicative exchange rate fell to N1,360 per dollar from N1,360.22 per dollar on Tuesday. This represents a 22 kobo gain for the naira.

The gap between the parallel and official rates widened to N38 per dollar, up from N24.78 per dollar the previous day.

Turnover in the interbank foreign exchange market dropped by 26.2 percent to $133.73 million from $168.82 million on Tuesday.

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