The Naira yesterday depreciated to N1,480 per dollar in the parallel market from N1,476 per dollar on Monday.

But the naira appreciated to N1,420.25 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 N1,420.25 per dollar from N1,425 per dollar on Monday, indicating N4.75 appreciation for the naira.

Consequently, the margin between the parallel and official markets expanded to N59.75 per dollar from N51 per dollar on Monday.
By Elizabeth Adegbesan
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