Nigerian currency hits new low, exchanging at N1,410 to the US dollar on the black market
By Elizabeth Adegbesan
nThe Naira yesterday depreciated to N1,410 per dollar in the parallel market from N1,405 per dollar on Wednesday.
nSimilarly, the naira depreciated to N1,365.5 per dollar in the Nigerian Foreign Exchange Market, NFEM .
nData from the Central Bank of Nigeria, CBN, showed that the indicative exchange rate for the market rose to N1,365.5 per dollar from N1,361.5 per dollar on Wednesday, indicating N4 depreciation for the naira.
nConsequently, the margin between the parallel and official markets widened to N44.5 per dollar from N43.5 per dollar on Wednesday.
nThe interbank turnover at NFEM fell by 28.8 percent to N69.92 million yesterday from N54.3 million the previous day.
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