Breaking News
Naira Weakens in Parallel Market Despite Gains Officially
The Naira weakened further in the parallel market on Monday, trading at N1,570 per dollar, down from N1,545 per dollar recorded over the weekend. Meanwhile, data from the Central Bank of Nigeria (CBN) revealed a slight gain in the official market, where the Naira appreciated to N1,528 per dollar, compared to N1,542 per dollar last Friday.
This N14 appreciation in the Nigerian Foreign Exchange Market (NFEM) highlights a growing disparity between the official and parallel exchange rates. The gap between both markets has now widened significantly, rising to N42 per dollar from just N3 per dollar last week.
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