Naira depreciates to N1,363/$ in parallel market

By Elizabeth Adegbesan
The Naira today depreciated to N1,363 per dollar from N1,360 in the parallel market on Thursday.
But the naira appreciated slightly to N1,332.49 per dollar in the Nigerian Foreign Exchange Market, NFEM.
Data from the Central Bank of Nigeria (CBN) showed that the indicative exchange rate for the naira fell to N1,332.49 per dollar from N1,333.55 per dollar on Thursday, indicating a N1.06 appreciation for the naira.
Consequently, the margin between the parallel and official markets widened to N29.51 per dollar from N28.45 per dollar on Thursday.
The value of interbank turnover in NFEM fell by 55 per cent to $162.7 million from $326.12 million on Thursday.
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