Business
Naira Loses Ground in Both Official and Parallel Markets
The naira weakened to N1,629 per dollar in the Nigerian Foreign Exchange Market (NFEM) on Monday, marking a depreciation of N29 from the N1,600/$ rate recorded last Friday. This is according to data released by the Central Bank of Nigeria (CBN), reflecting ongoing pressure on the local currency.
In the parallel market, the naira also dipped slightly, trading at N1,570 per dollar compared to N1,565 last weekend. As a result, the gap between the official and parallel market exchange rates widened to N59 per dollar, up from N35 per dollar previously.
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