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Naira Falls to N1,490/$ in Parallel Market Amid Widening Gap with Official Rate
The Nigerian Naira fell to N1,490 per dollar in the parallel market, widening the gap with the official rate to N69. In the official FX market, it traded at N1,421 per dollar, reflecting continued pressure on the currency.
The Nigerian Naira continued its slide yesterday, dropping to N1,490 per US dollar in the parallel market, down from N1,470 per dollar on Tuesday.
In the Nigerian Foreign Exchange Market (NFEM), the naira also weakened, trading at N1,421 per dollar, compared with N1,416 per dollar the previous day.
Data from the Central Bank of Nigeria (CBN) confirmed the movement, showing a N5 depreciation in the official market. The divergence between the parallel and official exchange rates widened further to N69 per dollar, up from N54 per dollar on Tuesday, highlighting increasing pressure on the local currency.
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