Naira declines to N1,495/$ in parallel market as official rate also drops

The Naira weakened further in the parallel market on Thursday, trading at N1,495 per dollar, down from N1,490 per dollar the previous day.

Similarly, the local currency depreciated in the Nigerian Foreign Exchange Market (NFEM), where it was exchanged at N1,496 per dollar, according to data from the Central Bank of Nigeria (CBN).

The CBN’s indicative exchange rate also climbed to N1,496 per dollar, compared to N1,495 per dollar on Wednesday, reflecting a N1 drop in the local currency’s value.

As a result, the gap between the parallel market rate and the official NFEM rate narrowed significantly to N1 per dollar, down from N9.8 per dollar the previous day.