Naira crashes to N1,495/$ in parallel market

The Naira yesterday depreciated to N1,495 per dollar in the parallel market from N1,490 per dollar on Wednesday.

Similarly, the Naira depreciated to N1,496 per dollar in the Nigerian Foreign Exchange Market (NFEM).

Data published by the Central Bank of Nigeria, CBN, showed that the indicative exchange rate for the naira rose to N1,496 per dollar from N1,495 per dollar on Wednesday, indicating N1 depreciation for the naira.

Consequently, the margin between the parallel market and NFEM rate narrowed to N1 per dollar from N9.8 per dollar the previous day.

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