By Elizabeth Adegbesan

The Naira yesterday depreciated to N1,400 per dollar in the parallel market from N1,395 per dollar last weekend.

Likewise, the naira depreciated to N1,371 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 rose slightly to N1,371 per dollar from N1,370 per dollar last weekend, indicating N1 depreciation for the naira.

Consequently, the margin between the parallel and official markets widened to N29 per dollar from N25 per dollar last week Friday.

The interbank turnover at NFEM fell by 23 percent to N54.2 million yesterday from N70.4 million last weekend.