Naira Depreciates to N1,487/$ in Parallel Market

On the latest trading day, the Naira experienced a depreciation in the parallel market, falling to N1,487 per dollar, compared to N1,485 per dollar on Thursday.

Conversely, in the Nigerian Foreign Exchange Market (NFEM), the Naira showed signs of appreciation, trading at N1,417.95 per dollar, a decrease from N1,420 per dollar the previous day.

According to data from the Central Bank of Nigeria (CBN), the indicative exchange rate for the Naira improved slightly by N2.05, moving from N1,420 per dollar to N1,417.95 per dollar.

As a result, the gap between the parallel and official exchange rates has widened, increasing to N69.05 per dollar, up from N65 per dollar on Thursday.