By Elizabeth Adegbesan

The Naira yesterday depreciated to N1,495 per dollar in the parallel market from N1,487 per dollar last weekend.

Likewise, the naira depreciated to N1,420.5 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 rose to N1,420.5 per dollar from N1,417.95 per dollar last weekend, reflecting a N2.55 depreciation for the naira.

Consequently, the margin between the parallel and official markets widened to N74.5 per dollar from N69.05 per dollar last week Friday.