Naira drops to N1,405 per dollar in the parallel market.

By Elizabeth Adegbesan

Yesterday, the Naira weakened to N1,405 per U.S. dollar in the parallel market, up from N1,389 per dollar on Tuesday.

In the Nigerian Foreign Exchange Market (NFEM), the naira also depreciated, trading at N1,361.5 per dollar compared with N1,356.5 per dollar on Tuesday, a decline of N5.

Data from the Central Bank of Nigeria (CBN) show that the indicative exchange rate rose to N1,361.5 per dollar from N1,356.5 per dollar on Tuesday, reflecting the N5 depreciation.

As a result, the spread between the parallel and official markets narrowed to N43.5 per dollar, up from N32.5 per dollar on Tuesday.

Interbank turnover in the NFEM fell by 56.8 percent, dropping to N54.3 million yesterday from N125.7 million the previous day.

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