Market News
Naira depreciates to N1,478/$ in parallel market - VANGUARD
By Elizabeth Adegbesan
The Naira yesterday depreciated to N1,478 per dollar in the parallel market from N1,475 per dollar on Tuesday.
But the naira appreciated to N1,451 per dollar in the Nigerian Foreign Exchange Market, NFEM.
Data from the Central Bank of Nigeria, CBN, showed that the exchange rate for the naira fell to N1,451 per dollar from N1,452 per dollar on Tuesday indicating N1 appreciation for the naira.
Consequently, the margin between the parallel and official markets widened to N27 per dollar from N23 per dollar on Tuesday.
