Naira slumps to N1,655/$ in parallel market

The Naira witnessed a decline in value yesterday, depreciating to N1,655 per dollar in the parallel market, down from N1,645 per dollar on Wednesday.

A similar trend was observed in the Nigerian Autonomous Foreign Exchange Market (NAFEM), where the Naira fell to N1,649.76 per dollar, compared to N1,558.75 on the previous day, reflecting a significant N91.01 depreciation.

According to data from FMDQ, this depreciation has resulted in the narrowing of the gap between the parallel market and NAFEM rates to N5.24 per dollar, a sharp contrast from the N86.25 difference recorded the day before.