Naira Depreciates To N1,660/$ In Parallel Market

The Naira weakened further in the parallel market yesterday, sliding to N1,660 per dollar from N1,655 per dollar on Monday.

But, the Naira appreciated to N1,549 per dollar in the official foreign exchange market.

Data published by the Central Bank of Nigeria, CBN, showed that the exchange rate for Nigerian Foreign Exchange Market (NFEM) fell to N1,549 per dollar from N1,550 per dollar on Monday, indicating N1 appreciation for the naira.

Consequently, the margin between the parallel market and NFEM rate widened to N111 per dollar from N105 per dollar on Monday