Naira drops to N1,650/$ in parallel market

The Naira experienced a depreciation in the parallel market yesterday, sliding to N1,650 per dollar from the previous day’s N1,648 per dollar.

In contrast, the official foreign exchange market saw an appreciation, with the Naira trading at N1,537 per dollar.

According to data from the Central Bank of Nigeria, the exchange rate in the Nigerian Foreign Exchange Market improved slightly, strengthening by N1 to close at N1,537 per dollar compared to N1,538 per dollar on Monday.

As a result, the gap between the parallel market rate and the NFEM rate expanded to N113 per dollar, up from Monday’s N110 per dollar margin.