Naira down to N1,537/$ in parallel market

The Naira yesterday depreciated to N1,537 per dollar in the parallel market from N1,535 per dollar on Wednesday.

Likewise the Naira depreciated to N1,498 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 N1,498 per dollar from N1,485.5 per dollar on Tuesday, indicating N12.5 depreciation for the naira.

Consequently, the margin between the parallel market and NFEM rate narrowed to N39 per dollar from N49.95 per dollar on Tuesday.