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Naira falls to ₦1,495/$ in parallel market

By Jane AISO
Estimated reading time: Less than 1 minutes
Naira falls to ₦1,495/$ in parallel market

Naira falls to ₦1,495/$ in parallel market

Naira weakened yesterday, depreciating to ₦1,495 per dollar in the parallel market, down from ₦1,490 per dollar the previous day.

Similarly, the Naira depreciated to ₦1,496 per dollar in the Nigerian Foreign Exchange Market (NFEM).

Data published by the Central Bank of Nigeria, CBN, showed that the indicative exchange rate for the naira rose to ₦1,496 per dollar from ₦1,495 per dollar on Wednesday, indicating ₦1 depreciation for the naira.

Consequently, the margin between the parallel market and NFEM rate narrowed to ₦1 per dollar from ₦9.8 per dollar the previous day.

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