Naira depreciates to N1,635/$ in parallel market

The naira yesterday depreciated to N1, 635 per dollar in the parallel market from N1,625 per dollar on Tuesday.

The Naira has recorded a 1.8 percent or N29 depreciation in the parallel market from the beginning of this month till date.

However, the Naira appreciated to N1,596 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 fell to N1,596 per dollar from N1,599.8 per dollar on Tuesday, indicating a N3.8 appreciation for the naira.

Consequently, the margin between the parallel market and NFEM rate widened to N39 per dollar from N25.2 per dollar on Tuesday.