Naira drops to N1, 470 per dollar in parallel market
The Naira dropped from N1,460 per dollar on Tuesday to N1,470 per dollar yesterday on the parallel market.
In a similar vein, the Nigerian Foreign Exchange Market (NFEM) saw the naira weaken to N1,447.5 per dollar.
The exchange rate for the naira increased to N1,447.5 per dollar from N1,447 per dollar on Tuesday, signifying a 50 kobo depreciation, according to data released by the Central Bank of Nigeria, or CBN.
Consequently, the difference between the NFEM rate and the parallel market grew from N13 per dollar on Tuesday to N22.5 per dollar.
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