Naira depreciates to N1,502/$ in parallel market

The Naira depreciated to N1,502 per dollar in the parallel market yesterday, down from N1,500 per dollar on Monday.

However, it appreciated in the Nigerian Foreign Exchange Market (NFEM), rising to N1,501.5 per dollar.

Data from the Central Bank of Nigeria (CBN) revealed that the indicative exchange rate for the Naira improved to N1,501.5 per dollar from N1,504 per dollar on Monday, reflecting a N2.5 gain.

As a result, the margin between the parallel market rate and the NFEM rate narrowed to 50 kobo per dollar, compared to N4 per dollar on the previous day.