Naira depreciates to N1,555/$ in parallel market

The naira yesterday depreciated to N1,555 per dollar in the parallel market from N1,540 per dollar on Monday. Similarly, the Naira depreciated to N1,536 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 N1,536 per dollar from N1,535 per dollar on Monday, indicating N1 depreciation for the naira.

Consequently, the margin between the parallel market and NFEM rate widened to N19 per dollar from N5 per dollar the previous day.