Market News
Naira falls in parallel market, trades N1,550/$ - NIGERIAN TRIBUNE
The Naira, on Tuesday, depreciated in value against the US dollar, dropping to N1,550 per dollar in the parallel market from its previous rate of N1,540 per dollar the previous day.
A similar trend was observed in the Nigerian Foreign Exchange Market (NFEM), where the Naira’s value also fell.
Data released by the Central Bank of Nigeria (CBN) showed that the exchange rate for the Naira rose to N1,537 per dollar from N1,536.99 per dollar on Monday, representing a one kobo depreciation.
As a result of these movements, the gap between the parallel market and the official NFEM rate has widened significantly.
The margin between the two markets increased to N13 per dollar, up from just N3.01 per dollar on Monday.
