Naira depreciates to N1,362/$ in parallel market

*As interbank turnover rises by 338%

By Elizabeth Adegbesan 

The Naira yesterday depreciated to N1,362 per dollar from N1,357 in the parallel market on Monday.

But the naira appreciated to N1,331.5 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 N1,331.5 per dollar from N1,332.9 per dollar on Monday, indicating N1.4 appreciation for the naira.

Consequently, the margin between the parallel and official markets widened to N30.5 per dollar from N24.1 per dollar on Monday.

The value of interbank turnover in NFEM increased sharply by 334.8 percent to $313.6 million from $72.12 million on Monday.

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