Business News
Naira slumps to N1,420/$ in parallel market
The naira weakened in the parallel market on Monday, depreciating to N1,420 per US dollar from N1,406 per dollar recorded over the weekend.
However, the local currency posted a marginal gain in the Nigerian Foreign Exchange Market (NFEM), appreciating to N1,380.5 per dollar.
Figures released by the Central Bank of Nigeria (CBN) showed that the official indicative exchange rate improved from N1,381.7 per dollar at the close of last week to N1,380.5 per dollar, reflecting a N1.2 appreciation of the naira in the official market.
Consequently, the margin between the parallel and official markets widened to N39.5 per dollar from N24.3 per dollar last weekend.
The interbank turnover at NFEM fell by 21.2 percent to N86.13 million yesterday from N71.04 million last weekend.
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