Naira Depreciates To N1, 375/$ In Parallel Market

The Naira today depreciated to N1, 375 per dollar from N1, 370 in the parallel market on Wednesday. 

The naira also depreciated to N1, 331 per dollar in the Nigerian Foreign Exchange Market, NFEM.

Data from the Central Bank of Nigeria, CBN, showed that the indicative exchange rate for the naira rose to N1, 331 per dollar from N1, 329.56 per dollar on Wednesday, indicating N1.44 depreciation for the local currency.

Consequently, the margin between the parallel and official markets widened to N44 per dollar from N40.44 per dollar on Wednesday.