News Update
THE Naira has depreciated against the US dollar in both the parallel market and the Nigerian Foreign Exchange Market (NFEM).
In the parallel market, the Naira traded at N1,537 per dollar, down from N1,535 per dollar on Wednesday.
Similarly, in the NFEM, the Naira depreciated to N1,498 per dollar from N1,485.5 per dollar on Tuesday, indicating a N12.5 depreciation for the Naira.
According to data published by the Central Bank of Nigeria (CBN), the margin between the parallel market and NFEM rate narrowed to N39 per dollar from N49.95 per dollar on Tuesday.
This development reflects the ongoing fluctuations in the value of the Nigerian currency against the US dollar in both official and parallel foreign exchange markets.
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