The Naira yesterday depreciated to N1,380 per dollar in the parallel market from N1,376 per dollar on Tuesday.

However, the naira appreciated for the first time in over two weeks to N1,382.65 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 fell to N1,382.65 per dollar from N1,390 per dollar on Tuesday, reflecting N7.35 appreciation for the naira.

Consequently, the margin between the parallel and official markets narrowed to N2.65 per dollar from N14 per dollar on Tuesday.