Business
Forex Pressures Deepen as Naira Loses Value
The Naira depreciated to N1,585 per dollar in the parallel market yesterday, down from N1,580 per dollar recorded over the weekend.
However, in the Nigerian Foreign Exchange Market (NFEM), the local currency appreciated, trading at N1,533 per dollar. Data from the Central Bank of Nigeria (CBN) showed that the indicative exchange rate for the Naira improved to N1,533 per dollar from N1,538 per dollar last Friday, reflecting a gain of N5.
As a result, the gap between the parallel market rate and the official NFEM rate widened to N52 per dollar, compared to N42 per dollar over the weekend.
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