Naira Falls To N1,620/$ In Parallel Market

Naira Falls To N1,620/$ In Parallel Market

Yesterday, the naira depreciated to N1, 620 per dollar in the parallel market from N1,618 per dollar on Tuesday.

In contrast, the Naira saw a rise to N1,599 per dollar in the Nigerian Foreign Exchange Market (NFEM).

This development was contained on the Data released by the Central Bank of Nigeria, CBN, which showed that the indicative exchange rate for the naira depreciated to N1,599 per dollar from N1,604 per dollar on Tuesday, indicating N5 appreciation for the naira.

Effectively, the margin between the parallel market and NFEM rate widened to N21 per dollar from N14 Tuesday.