Naira down to N1,485/$ in parallel market

By Elizabeth Adegbesan

The Naira yesterday depreciated to N1,485 per dollar in the parallel market from N1,480 per dollar on Monday.

The naira has appreciated by over seven percent year to date in the official market to ?1,454 per dollar with the gap between the official and parallel markets narrowing significantly between N5 to N30, compared to over N100.00 a year earlier.

This stable trend has been supported by regulatory reforms such as the liberalisation of access to the foreign exchange window and removal of restrictions on 43 previously barred items as well as enhanced transparency measures such as the Electronic Foreign Exchange Matching System, EFMES, platform.

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