Naira depreciated to ₦1,629 per dollar in the Nigerian Foreign Exchange Market (NFEM).
This is despite an intervention of $688.8 million by the Central Bank of Nigeria (CBN).
Data published by the apex bank showed that the indicative exchange rate for the naira rose to N1,629 per dollar from N1,600 per dollar last week Friday, indicating N29 depreciation for the naira.
Likewise, the naira depreciated to N1,570 per dollar in the parallel market from N1,565 per dollar last weekend.
Consequently, the margin between the parallel market and NFEM rate widened to N59 per dollar from N35 per dollar last weekend.
Also, the naira depreciated by 2.4 per cent and 2.6 per cent in March at both the Nigerian Autonomous Foreign Exchange Market window and the parallel market compared to the previous month.
According to the latest Afrinvest Monthly Market Report titled ‘Analysing Global and Nigerian Economies & Financial Markets’, the naira dropped to N1,536.82/$ and N1,530.00/1.00 at the NAFEM window and parallel market, respectively.
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