Business News
Naira weakens to N1,410/$ in parallel market
The naira recorded fresh losses against the United States dollar on Thursday, depreciating in both the parallel market and the Nigerian Foreign Exchange Market (NFEM).
In the parallel market, the local currency weakened to N1,410 per dollar, compared to N1,406 per dollar recorded on Wednesday.
The naira also lost value in the official market, with figures released by the Central Bank of Nigeria (CBN) showing that the indicative exchange rate rose to N1,368.5 per dollar from N1,366.5 per dollar the previous day.
The movement represents a N2 depreciation in the official exchange rate, reflecting continued pressure on the Nigerian currency across both foreign exchange markets.
Consequently, the margin between the parallel and official markets widened to N41.5 per dollar from N39.5 per dollar on Wednesday.
The interbank turnover at NFEM fell by 4.3 percent to N58.4 million yesterday from N61.03 million on Wednesday.
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