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Naira drops to N1,600 per dollars in parallel market
On Tuesday, the Naira was worth N1,585 per dollar, but yesterday it was worth N1,600 per dollar on the secondary market.
Similarly, the Naira dropped to N1,545 per dollar in the official foreign currency market.
According to data from the Central Bank of Nigeria's (CBN) Daily Nigerian Foreign Exchange Market (NFEM), the naira's indicative exchange rate increased from N1,525 to N1,545 per dollar on Tuesday, suggesting a depreciation of N20.
As a result, the difference between the NFEM rate and the parallel market dropped from N60 to N55 per dollar on Tuesday.
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