Naira Weakens to N1,660 in Parallel Market as Gap with Official Rate Widens
The Naira down to N1,660 in the parallel market marks a significant depreciation from its previous level of N1,645 per dollar last Friday. This downturn highlights the growing pressure on the Nigerian currency, which continues to fluctuate in informal markets.
However, despite this weakening in the parallel market, the official exchange rate in the Nigerian Autonomous Foreign Exchange Market (NAFEM) saw a slight improvement. Data revealed the Naira appreciated to N1,580.46 per dollar, a notable rise from N1,593.32 last weekend. The Naira down to N1,660 in the parallel market creates a widening margin between the two markets, which now stands at N79.54 per dollar.
The turnover in the official market also saw a decline, with the volume of dollars traded dropping by 22 percent to $197.37 million from $254.17 million. This dip in activity signals ongoing market challenges as demand for foreign currency remains strong. The Naira down to N1,660 in the parallel market and the growing divergence between official and parallel exchange rates reflect the complexities of Nigeria’s foreign exchange situation.
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