Naira down to N1,385/$ in parallel market

By Elizabeth Adegbesan
THE Naira yesterday depreciated to N1,385 per dollar in the parallel market from N1,380 per dollar on Tuesday.
Likewise, the naira depreciated to N1,389 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 market rose to N1,389 per dollar from N1,373 per dollar on Tuesday , indicating N16 depreciation for the naira. 
Consequently, the margin between the parallel and official markets narrowed to N4 per dollar from N25 per dollar on Tuesday. The interbank turnover at NFEM rose by 0.24 percent to N125.6 million yesterday from N125.3 million the previous day.
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