Naira down to N1,465/$ in parallel market

naira

The naira weakened slightly in the parallel market on Tuesday, falling to N1,387 per dollar from N1,383 recorded last Thursday.

However, the local currency showed improvement at the official Nigerian Foreign Exchange Market, where it appreciated to N1,367.5 per dollar.

Figures released by the Central Bank of Nigeria showed that the official exchange rate strengthened from N1,374 per dollar last Thursday to N1,367.5, reflecting a gain of N6.5 for the naira.

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As a result, the gap between the official and parallel market rates widened to N19.5 per dollar, compared to N9 recorded last Thursday.

Meanwhile, activity in the interbank foreign exchange market increased slightly, with total turnover rising by 3.2 per cent to $59.93m from $58.03m recorded during the previous trading session.

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