Naira depreciates further in parallel market, falls to ₦1,660/$
The Nigerian Naira has continued its downward trajectory, reaching ₦1,660 per dollar in the parallel market on Friday. This marks a slight decline from the previous day’s rate of ₦1,655 per dollar.
In the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira depreciated to ₦1,546.41 per dollar, down from ₦1,649.76 per dollar on Thursday. Despite this, the Naira experienced a marginal appreciation of ₦103.35 in the NAFEM sector.
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The gap between the parallel market rate and the NAFEM rate has widened significantly, increasing to ₦113.59 per dollar from ₦5.24 per dollar the previous day.
This growing disparity reflects ongoing instability in Nigeria’s foreign exchange market, highlighting the challenges facing the Naira as it struggles to stabilise amid fluctuating economic conditions.
Economic analysts have expressed concerns over the widening gap, suggesting it could further impact trade and investment in the country. The Naira’s persistent depreciation continues to strain Nigeria’s economic landscape, as businesses and consumers grapple with the consequences of an unstable currency.
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