Naira Depreciates To N1,570/$ In Parallel Market

The Naira yesterday depreciated to N1,570 per dollar in the parallel market from N1,545 per dollar last weekend.

But the Naira appreciated to N1,528 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 N1,528 per dollar from N1,542 per dollar last weekend, indicating N14 appreciation for the naira.

Consequently, the margin between the parallel market and NFEM rate widened to N42 per dollar from N3 per dollar on last week Friday.