Business
Naira falls to ₦1,395/$ in parallel market
The naira recorded a fresh decline against the United States dollar on Monday, closing at ₦1,395/$ in the parallel market, compared to ₦1,386/$ recorded last Friday.
The local currency also weakened in the Nigerian Foreign Exchange Market (NFEM), where it traded at an indicative exchange rate of ₦1,385 per dollar.
Data released by the Central Bank of Nigeria (CBN) showed that the official exchange rate moved from ₦1,384/$ at the close of trading last Friday to ₦1,385/$ on Monday, reflecting a ₦1 depreciation in the value of the naira.
Consequently, the margin between the parallel and official markets widened to N9 per dollar from N2 per dollar last week Friday.
The interbank turnover at NFEM rose by 80.3 per cent to N223.9 million yesterday from N124.2 million last weekend
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