Again, Naira depreciates in parallel market, trades
The Naira has suffered another decline in the parallel market, trading at N1,668 per dollar yesterday, compared to N1,600 per dollar on Wednesday.
This depreciation marks a significant setback in the currency’s value in the unofficial market.
In contrast, the Naira strengthened in the official foreign exchange market, appreciating to N1,534.6 per dollar.
According to the Daily Nigerian Foreign Exchange Market (NFEM) data published by the Central Bank of Nigeria (CBN), the indicative exchange rate improved by N10.4, rising from N1,545 per dollar on Wednesday.
As a result of these shifts, the disparity between the parallel market rate and the official rate expanded significantly. The margin widened to N133.4 per dollar yesterday, up from N55 per dollar earlier in the week.
Tribune Online reports on Thursday that the Naira traded at N1,1600 per dollar in the parallel market on Wednesday, following Tuesday’s rate of N1,585 per dollar.