By Elizabeth Adegbesan

The Naira yesterday depreciated to N1,398 per dollar in the parallel market from N1,385 per dollar on Tuesday.

But the naira appreciated to N1,360 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 market fell to N1,360 per dollar from N1,360.22 per dollar on Tuesday,  reflecting 22 kobo appreciation for the naira.

Consequently, the margin between the parallel and official markets widened to N38 per dollar from N24.78 per dollar on Tuesday.

The turnover in the interbank foreign exchange market declined by 26.2 percent to $133.73 million from $168.82 million on Tuesday.