The Naira experienced further depreciation in the parallel market, sliding to N1,655 per dollar from N1,650 the previous day. Similarly, in the official Nigerian Foreign Exchange Market (NFEM), the currency weakened to N1,545 per dollar from N1,538, reflecting an N7 decline in value. This indicates continued pressure on the local currency amidst economic challenges.
Data from the Central Bank of Nigeria (CBN) revealed the narrowing margin between the parallel market and official rates, reducing from N112 to N110 per dollar. The situation reflects ongoing volatility in the forex market as the Naira struggles against global currencies. Market watchers suggest that addressing underlying economic factors is essential for stability.
These developments occur amidst broader economic issues and public concerns, including rising costs and inflation. Policymakers face increasing pressure to implement strategies to strengthen the Naira and stabilize the foreign exchange market in the face of mounting economic headwinds.