Naira slums further, hits N1,670/$ in parallel market

The Naira continued its decline yesterday, falling to N1,670 per dollar in the parallel market, compared to N1,660 per dollar on Tuesday.

The official foreign exchange market also recorded depreciation, with the Naira trading at N1,550 per dollar, according to data from the Central Bank of Nigeria (CBN).

The report highlighted that the exchange rate for the Nigerian Foreign Exchange Market (NFEM) rose to N1,550 per dollar from N1,549 per dollar on Tuesday, reflecting a depreciation of N1.

This development has further widened the gap between the parallel market and NFEM rates.

The margin increased to N120 per dollar yesterday, up from N111 per dollar the previous day.