Naira Depreciates To N1,668/$ In Parallel Market

The Naira weakened yesterday, falling to N1,668 per dollar in the parallel market, down from N1,600 per dollar on Wednesday.

However, the Naira appreciated to N1,534.6 per dollar in the official foreign exchange market.

Data from the Daily Nigerian Foreign Exchange Market (NFEM) published by the Central Bank of Nigeria, CBN, showed that the indicative exchange rate for the naira fell to N1,534.6 per dollar from N1,545 per dollar on Wednesday, indicating N10.4 appreciation.

Consequently, the margin between the parallel market and NFEM rate widened to N133.4 per dollar from N55 per dollar on Wednesday.