Naira weakens further in parallel market

The Naira continued its decline on Thursday, sliding to ₦1,537 per dollar in the parallel market compared to ₦1,535/$ recorded the previous day.

Similarly, at the Nigerian Foreign Exchange Market (NFEM), the local currency depreciated to ₦1,498 per dollar, according to figures published by the Central Bank of Nigeria (CBN). This represents a drop from ₦1,485.5/$ on Tuesday a depreciation of ₦12.5.

The development has narrowed the gap between the official and parallel market rates to ₦39 per dollar, down from ₦49.95 earlier in the week.