Naira Weakens to ₦1,620/$ in Parallel Market

The naira yesterday depreciated to ₦1,620 per dollar in the parallel market, down from ₦1,615 per dollar on Monday.

Similarly, the naira weakened to ₦1,590 per dollar in the Nigerian Foreign Exchange Market (NFEM).
Data published by the Central Bank of Nigeria (CBN) indicated that the official exchange rate rose to ₦1,590 per dollar from ₦1,583 on Monday, reflecting a ₦7 depreciation.

As a result, the gap between the parallel market rate and the NFEM rate narrowed to ₦30 per dollar, compared to ₦32 per dollar on Monday.

Also Read: Naira Records Steady Gains Against Dollar