Naira Down To N1,492/$ In Parallel Market

THE Naira yesterday depreciated to N1,492 per dollar in the parallel market from N1,485 per dollar on Tuesday. Similarly, the naira depreciated to N1,458.02 per dollar in the Nigerian Foreign Exchange Market, NFEM.

Data from the Central Bank of Nigeria, CBN, showed that the exchange rate for the naira rose to N1,458.02 per dollar from N1,457 per dollar on Tuesday, indicating N1.02 depreciation for the naira.

Consequently, the margin between the parallel and official market widened to N31.98 per dollar from N28 per dollar on Tuesday.