Market News
Naira depreciates to N1,475/$ in parallel market - VANGUARD
By Elizabeth Adegbesan
The Naira yesterday depreciated to N1,475 per dollar in the parallel market from N1,467 per dollar on Tuesday.
But the naira appreciated to N1,451 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 fell to N1,451 per dollar from N1,458 per dollar on Tuesday, indicating N7 appreciation for the naira.
As a result, the margin between the parallel market and NFEM rate widened to N26 per dollar from N9 per dollar on Tuesday.
