Naira depreciates to N1,397/$ in parallel market.

By Elizabeth Adegbesan

The naira on Friday depreciated to N1,397 per dollar in the parallel market from N1,390 per dollar on Thursday.

Likewise, the naira depreciated to N1,365 per dollar in the Nigerian Foreign Exchange Market, NFEM.

Data from the Central Bank of Nigeria, CBN, showed that the indicative exchange rate for the market rose to N1,365 per dollar from N1,359.75 per dollar on Thursday, reflecting N5.25 depreciation for the naira.

Consequently, the margin between the parallel and official markets widened to N32 per dollar from N30.25 per dollar on Thursday.

The turnover in the interbank foreign exchange market recorded its fourth daily decline by 42.5 per cent to $73.6 million from $128.2 million on Thursday.

This week, the naira strengthened by N1 per dollar in the official market, with turnover in the interbank foreign exchange market climbing to N683.2 million, representing a 76.7 per cent rise compared to N386.54 million recorded the previous week.

However, the local currency weakened in the parallel by N2 against the greenback.

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