Deborah Akinyosoye
The naira yesterday depreciated to N1, 620 per dollar in the parallel market from N1,618 per dollar on Tuesday. But, the Naira appreciated to N1,599 per dollar in the Nigerian Foreign Exchange Market (NFEM).
Data published by the Central Bank of Nigeria, CBN, showed that the indicative exchange rate for the naira fell to N1,599 per dollar from N1,604 per dollar on Tuesday, indicating N5 appreciation for the naira.
Consequently, the margin between the parallel market and NFEM rate widened to N21 per dollar from N14 Tuesday.