Naira down to N1,550/$ in parallel market

The Naira yesterday depreciated to N1,550 per dollar in the parallel market from N1,540 per dollar on Monday.

Similarly, the Naira depreciated to N1,537 per dollar in the Nigerian Foreign Exchange Market (NFEM).

Data published by the Central Bank of Nigeria, CBN, showed that the exchange rate for the naira rose to N1,537 per dollar from N1,536.99 per dollar on Monday, indicating one kobo depreciation for the naira.

Consequently, the margin between the parallel market and NFEM rate widened to N13 per dollar from N3.01 per dollar on Monday.