NAIRA DEPRECIATES TO N1,400/$ IN PARALLEL MARKET
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By: Fasasi Hammad
The naira weakened against the United States dollar on Monday, depreciating to N1,400/$1 in the parallel market from N1,395/$1 recorded at the close of trading last weekend.
Similarly, the local currency lost value in the Nigerian Foreign Exchange Market (NFEM), where it closed at N1,371/$1 compared to N1,370/$1 on Friday.
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According to data released by the Central Bank of Nigeria (CBN), the indicative exchange rate in the official market rose marginally by N1, reflecting a slight depreciation of the naira.
As a result, the gap between the parallel market rate and the official exchange rate widened to N29/$1, up from N25/$1 recorded at the end of last week.
Meanwhile, trading activity in the official market declined, with interbank turnover at the NFEM dropping by 23 per cent to $54.2 million from $70.4 million recorded during the previous trading session.
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