Naira hits new low, exchanging at N1,426 on the black market

By Elizabeth Adegbesan

The Naira yesterday depreciated to N1,426 per dollar in the parallel market from N1,420 per dollar on Tuesday.

But the naira appreciated to N1,373.5 per dollar in the Nigerian Foreign Exchange Market, NFEM .Data from the Central Bank of Nigeria, CBN, showed that the indicative exchange rate for the naira fell to N1,373.5 per dollar from N1,390.5 per dollar on Tuesday , reflecting N17 appreciation for the naira.

Consequently, the margin between the parallel and official markets widened to N52.5 per dollar from N29.5 per dollar on Tuesday.