Naira depreciates to N1,363/$ in parallel market

The Naira depreciated to N1,363 per dollar in the parallel market from N1,360 the previous day, while it appreciated slightly to N1,332.49 per dollar in the Nigerian Foreign Exchange Market. Data from the Central Bank of Nigeria showed the indicative exchange rate for the naira fell to N1,332.49 per dollar from N1,333.55, indicating a N1.06 appreciation. The margin between the parallel and official markets widened to N29.51 per dollar from N28.45. The value of interbank turnover in NFEM fell by 55 per cent to $162.7 million from $326.12 million. Analysts at Cowry Asset Management Plc projected the naira may remain under pressure in the coming week.

Read More