Naira depreciates to N1,665/$ in parallel market

The Naira on Friday depreciated to N1,665 per dollar in the parallel market from N1,645 per dollar on Thursday.

Similarly, the Naira depreciated to N1,544.5 per dollar in the official foreign exchange market.

Data published by the Central Bank of Nigeria, CBN, showed that the exchange rate for Nigerian Foreign Exchange Market (NFEM) rose to N1,544.5 per dollar from N1,542 per dollar on Thursday, indicating N2.5 depreciation for the naira.

Consequently, the margin between the parallel market and NFEM rate widened to N120.5 per dollar from N103 per dollar on Thursday.