Naira falls to N1,620/$ at parallel market

The naira yesterday depreciated in the parallel market, falling to N1,620 per dollar from N1,618 the previous day. However, it appreciated in the Nigerian Foreign Exchange Market (NFEM), strengthening to N1,599 per dollar from N1,604 on Tuesday a N5 gain.

According to data from the Central Bank of Nigeria (CBN), the official exchange rate improvement reflects a positive move in the formal FX market.

Meanwhile, the gap between the parallel and official market rates widened to N21 per dollar, up from N14 on Tuesday, signaling a growing disparity between the two markets despite ongoing efforts to stabilize the currency.