Naira depreciates to N1,560/$ in parallel market

By Elizabeth Adegbesan

The Naira today depreciated to N1,560 per dollar in the parallel market from N1,555 per dollar on Thursday.

But the Naira appreciated to N1,530 per dollar in the Nigerian Foreign Exchange Market (NFEM).

Data published by the Central Bank of Nigeria, CBN, showed that the exchange rate for the naira fell to N1,530 per dollar from N1,534 per dollar on Thursday, indicating N4 appreciation for the naira.

Consequently, the margin between the parallel market and NFEM rate widened to N30 per dollar from N21 per dollar on Thursday.

The naira gained N8 against the dollar in the official market this week after openining at a depreciation of N1,538.4 per dollar.

However, the naira recorded no gain or loss against the dollar in the parallel market during the period as it opened and ended the week at N1,560 per dollar.

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