Business News
Naira depreciates to ₦1,395/$ in parallel market
The naira weakened against the United States dollar on Monday, dropping to ₦1,395 per dollar in the parallel market from ₦1,386 recorded last Friday.
The local currency also lost value in the Nigerian Foreign Exchange Market (NFEM), where it traded at an indicative rate of ₦1,385 per dollar.
Figures released by the Central Bank of Nigeria (CBN) showed that the official exchange rate increased from ₦1,384 per dollar at the close of trading last weekend to ₦1,385 per dollar, indicating a ₦1 depreciation in the value of the naira.
Consequently, the margin between the parallel and official markets widened to N9 per dollar from N2 per dollar last week Friday.
The interbank turnover at NFEM rose by 80.3 per cent to N223.9 million yesterday from N124.2 million last weekend
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