Business
Naira Faces Setback in Both Official and Parallel Markets
The Naira experienced a further depreciation in the parallel market yesterday, trading at N1,600 per dollar compared to N1,585 per dollar on Tuesday. This downward trend was also reflected in the official foreign exchange market, where the currency weakened to N1,545 per dollar from N1,525 per dollar the previous day, representing a N20 decline.
According to data from the Daily Nigerian Foreign Exchange Market (NFEM), published by the Central Bank of Nigeria (CBN), the indicative exchange rate for the naira demonstrated a similar depreciation pattern. As a result, the margin between the parallel market rate and the NFEM rate narrowed to N55 per dollar, compared to N60 per dollar on Tuesday.
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