Naira Depreciates To N1,502/$ In Parallel Market

The Naira weakened to N1,502 per dollar in the parallel market on Tuesday, slipping from N1,500 per dollar recorded on Monday.

However, the Naira appreciated to N1,501.5 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 N1,501.5 per dollar from N1,504 per dollar on Monday, indicating N2.5 appreciation for the naira.

Consequently, the margin between the parallel market and NFEM rate narrowed to 50 kobo per dollar from N4 per dollar the previous day.