Naira fall continues despite CBN intervention, drops to N1,305/$ at parallel market

The Nigerian naira on Wednesday, depreciated to N1,305 per dollar in the parallel market, from N1,255 per dollar on Tuesday.

The depreciation comes despite the CBN approval for sell of $10,000 at N1,021 to eligible BDC’s on Tuesday.

The Naira also depreciated in the Nigerian Foreign Exchange Market, NAFEM, to N1,308.52 per dollar.

Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N1,308.52 per dollar from N1,300.15 per dollar on Tuesday, indicating N8.37 depreciation for the naira.

Consequently, the margin between the parallel market and NAFEM rates narrowed to N3.52 per dollar from N45.15 per dollar the previous day.