Naira down to N1,535/$ in parallel market

By Elizabeth Adegbesan

The Naira yesterday depreciated to N1,535 per dollar in the parallel market from N1,525 per dollar on Monday. But the Naira appreciated to N1,485.05 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 N1,485.05 per dollar from N1,495 per dollar on Monday, indicating N9.95 appreciation for the naira.

Consequently, the margin between the parallel market and NFEM rate widened to N49.95 per dollar from N30 per dollar on Monday.

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