Business
Naira Weakens Further in Parallel Market
The Naira experienced a significant drop in value yesterday, trading at N1,668 per dollar in the parallel market, compared to N1,600 per dollar recorded on Wednesday.
Conversely, the Naira showed some strength in the official foreign exchange market, appreciating to N1,534.6 per dollar. This improvement reflects a rise from the previous day’s official rate of N1,545 per dollar, representing a N10.4 gain according to data from the Daily Nigerian Foreign Exchange Market (NFEM) report published by the Central Bank of Nigeria (CBN).
The gap between the parallel market rate and the official rate widened considerably, reaching N133.4 per dollar, a sharp increase from the N55 difference recorded on Wednesday.
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