Naira drops to N1,420 per dollar in parallel market
The Naira fell from N1,415 per dollar on Monday to N1,420 per dollar in the parallel market yesterday.
Similarly, in the Nigerian Foreign Exchange Market (NFEM), the naira lost value to N1,387 per dollar.
The indicative exchange rate for the naira increased to N1,387 per dollar from N1,386.75 per dollar on Monday, according to data from the Central Bank of Nigeria (CBN), indicating a 25 kobo depreciation of the currency.
As a result, the difference between the official and alternative markets increased from N28.25 to N33 per dollar on Monday.
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