The Naira yesterday depreciated to N1,405 per dollar in the parallel market from N1,400 per dollar on Monday.

Likewise, the naira depreciated to N1,379 per dollar in the Nigerian Foreign Exchange Market, NFEM. Nigerianpolitical analysis

Data from the Central Bank of Nigeria,

CBN, showed that the indicative exchange rate for the market rose slightly to N1,379 per dollar from N1,371 per dollar on Monday, indicating N8 depreciation for the naira.

Consequently, the margin between the parallel and official markets narrowed to N26 per dollar from N29 per dollar on Monday. The interbank turnover at NFEM fell by 24.4 percent to N41.7 million yesterday from N54.2 million on Monday.

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