Naira depreciates to N1,650 per dollar at parallel market
On the parallel market, the value of the Naira dropped from N1,648 to N1,650 per dollar on Monday. On the official foreign exchange market, however, the value of the Naira increased to N1,537 per dollar.
According to data released by the Central Bank of Nigeria (CBN), the naira appreciated by N1 as the exchange rate for the Nigerian Foreign Exchange Market (NFEM) dropped from N1,538 to N1537 per dollar the day before.
As a result, the difference between the NFEM rate and the parallel market grew from N110 to N113 per dollar on Monday.
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