Naira slumps against dollar in parallel, official markets, trades for N1,420/$

The Nigerian Naira depreciated to N1,420 per dollar in the parallel market on Tuesday, down from N1,415 recorded on Monday, reflecting continued pressure on the local currency.

Similarly, in the Nigerian Foreign Exchange Market, the naira also weakened, trading at N1,387 per dollar.

Data from the Central Bank of Nigeria, CBN, showed that the indicative exchange rate for the naira rose to N1,387 per dollar from N1,386.75 per dollar on Monday, reflecting 25 kobo depreciation for the naira.

Consequently, the margin between the parallel and official markets widened to N33 per dollar from N28.25 per dollar on Monday.