Naira Weakens to N1,668/$ in Parallel Market Amid Mixed Official Performance

The Nigerian Naira has experienced a significant drop in the parallel market, depreciating to N1,668 per dollar, compared to N1,600 per dollar the previous day. This marks a noticeable decline in the currency’s value within the informal trading segment.

Conversely, in the official foreign exchange market, the Naira showed signs of recovery, appreciating to N1,534.6 per dollar. According to the Daily Nigerian Foreign Exchange Market (NFEM) data released by the Central Bank of Nigeria (CBN), this represents an improvement from N1,545 per dollar recorded on Wednesday, reflecting a gain of N10.4.

The divergence between the parallel market and the official market rates continues to widen. As of the latest report, the margin has increased to N133.4 per dollar, compared to a gap of N55 per dollar recorded on Wednesday.

This development highlights the ongoing challenges in Nigeria’s foreign exchange landscape, emphasizing the persistent disparity between the parallel and official market rates.

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