Naira down to N1,420/$ in parallel market

By Elizabeth Adegbesan
The  Naira yesterday depreciated to N1,420 per dollar in the parallel market from N1,408 per dollar on Monday. However, the naira appreciated to N1,362 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 N1,362 per dollar from N1,365 per dollar on Monday,  indicating N3 appreciation for the naira.
Consequently, the margin between the parallel and official markets widened to N58 per dollar from N43 per dollar on Monday. The interbank turnover at NFEM rose by  13.97 percent to N156.2  million yesterday from N137.05 million on Monday.
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