Naira Depreciates To N1,650/$ In Parallel Market

The Naira yesterday depreciated to N1,650 per dollar in the parallel market from N1,648 per dollar on Monday.

However, the Naira appreciated to N1,537 per dollar in the official foreign exchange market.

Data published by the Central Bank of Nigeria, CBN, showed that the exchange rate for Nigerian Foreign Exchange Market (NFEM) fell to N1537 per dollar from N1,538 per dollar the previous day, indicating N1 appreciation for the naira.

Consequently, the margin between the parallel market and NFEM rate widened to N113 per dollar from N110 per dollar on Monday.