Business News
Naira slumps to ₦1,410/$ in parallel market, weakens at official window
The naira depreciated to ₦1,410 per dollar in the parallel market on Thursday, down from ₦1,405 per dollar recorded on Wednesday.
The local currency also weakened in the Nigerian Foreign Exchange Market (NFEM), where it closed at ₦1,365.5 per dollar.
Data released by the Central Bank of Nigeria (CBN) showed that the indicative exchange rate at the official market rose to ₦1,365.5 per dollar from ₦1,361.5 per dollar on Wednesday, representing a ₦4 depreciation for the naira.
As a result, the gap between the parallel market and the official market widened to ₦44.5 per dollar from ₦43.5 per dollar recorded the previous day.
Meanwhile, activity at the official foreign exchange market declined, with interbank turnover at the NFEM falling by 28.8 per cent.
Market data showed that turnover dropped to $54.3 million on Thursday from $69.92 million recorded on Wednesday, reflecting lower trading volumes in the official market.
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