Naira Depreciates To N1,620/$ In Parallel Market

The Naira fell to ₦1,620 per dollar in the parallel market on Tuesday, down from ₦1,615 per dollar the previous day.

Likewise, the Naira depreciated to N1,590 per dollar in the Nigerian Foreign Exchange Market (NFEM).

Data published by the Central Bank of Nigeria, CBN, showed that the exchange rate for the naira rose to N1,590 per dollar from N1,583 per dollar on Monday , indicating N7 depreciation for the naira.

Consequently, the margin between the parallel market and NFEM rate narrowed to N30 per dollar from N32 per dollar on Monday.