Naira down to N1,405/$ in parallel market
Naira Depreciates in Parallel Market, Appreciates in Official Exchange
By Elizabeth Adegbesan
The Naira experienced a slight depreciation in the parallel market on Thursday, falling to 1,405 Naira per dollar, compared to 1,400 Naira per dollar the previous day.
In contrast, the Naira appreciated in the Nigerian Foreign Exchange Market (NFEM), where it was valued at 1,347.5 Naira per dollar, up from 1,351 Naira per dollar on Wednesday. This represents a N3.5 gain for the currency in the official market.
As a result, the gap between the parallel and official exchange rates expanded to 57.5 Naira per dollar, increasing from 49 Naira the day before.
Additionally, interbank trading turnover at the NFEM increased by 0.22 percent, reaching 371.8 million Naira, up from 370.98 million Naira on Wednesday, according to data from the Central Bank of Nigeria.
