Naira Down To N1,570/$ In Parallel Market

The Naira weakened further in the parallel market on Wednesday, falling to N1,570 per dollar from N1,560 per dollar the previous day.

But the Naira appreciated to N1,513 per dollar in the Nigerian Foreign Exchange Market (NFEM).

Data published by the Central Bank of Nigeria, CBN, showed that the indicative exchange rate for the naira fell to N1,513 per dollar from N1,513.1 per dollar on Tuesday, showing a 10 kobo appreciation for the naira.

Consequently, the margin between the parallel market and NFEM rate widened to N57 per dollar from N46.9 per dollar on Tuesday.