Naira Down To N1,585/$ In Parallel Market

Yesterday, the Naira fell to N1,585 per dollar in the parallel market, down from N1,565 per dollar on Tuesday.

Similarly, the Naira depreciated to N1,546 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 rose to N1,546 per dollar from N1,537 per dollar on Tuesday, indicating N9 depreciation for the naira.

Consequently, the margin between the parallel market and NFEM rate widened to N39 per dollar from N37 per dollar on Tuesday.