Market News
Nigeria: Again, Naira depreciates to dollar in the parallel market - NIGERIAN TRIBUNE
The official foreign exchange market witnessed a depreciation, with the naira falling to N1,545 per dollar from N1,540 per dollar the previous day, according to data from the Central Bank of Nigeria (CBN)
The naira continued its downward trend on Wednesday, depreciating to N1,670 per dollar in the parallel market, a decline from N1,665 per dollar recorded on Tuesday.
Similarly, the official foreign exchange market witnessed a depreciation, with the naira falling to N1,545 per dollar from N1,540 per dollar the previous day, according to data from the Central Bank of Nigeria (CBN). This represents a N5 loss in value for the naira.
Data from the FMDQ Exchange further revealed a marginal depreciation in the Nigerian Foreign Exchange Market (NFEM), where the naira slipped to N1,544.2 per dollar from Tuesday’s rate of N1,544.05 per dollar, reflecting a 15 kobo decline.
The disparity between the parallel market rate and the NFEM rate widened as a result, with the margin increasing to N125 per dollar from N120.95 per dollar on Tuesday.
