Naira drops to N1,598 per dollar in parallel market
In the parallel market, the value of the naira dropped from N1,585 to $1 on Monday to N1,598 yesterday.
Similarly, on the Nigerian Foreign Exchange Market (NFEM), the value of the Naira fell to N1,547.5 per dollar.
According to data released by the Central Bank of Nigeria (CBN), the naira depreciated by N4.5, rising from N1,543 to N1,547.5 over the dollar on Monday exchange rates.
As a result, the gap between the NFEM rate and the parallel market increased from N26 to N50.5 per dollar on Monday.
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