Just In: Nigerian Naira Depreciates Further At The Parallel Market, Now N385/$, N505/£

The naira on Wednesday depreciated further to N385 per dollar in the parallel market as demand for foreign exchange intensified in the market.

The currency however remained stable at the official interbank foreign exchange market as the interbank rate closed N199.34.

Thus the gap between the interbank and parallel market rates widened to N185.66 per dollar from N127.53 Friday last week.

Also, the naira depreciated against the British Pounds to N505 per pounds in the parallel market implying N65 depreciation when compared with the closing rate of N440 Friday last week.