Korede Abdullah in Lagos
The naira fell to N1,600 per dollar in the Nigerian Foreign Exchange Market (NFEM) today, marking a significant depreciation after holding steady around N1,500 for the past three months.
This shift signals renewed pressure on the currency amid ongoing economic challenges and market volatility.
According to the Central Bank of Nigeria (CBN), the indicative exchange rate climbed from N1,569 to N1,600 per dollar, reflecting a N31 drop in the naira’s value within a day.
Similarly, the parallel market also saw a decline, with the exchange rate sliding from N1,555 to N1,565 per dollar.
As a result, the gap between the official and parallel market rates widened notably—from N14 to N35 per dollar—raising concerns about the growing disparity and its impact on trade, investment, and public confidence in the currency.
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