The Naira yesterday continued its downward trend, closing at ₦1,629 per dollar in the Nigerian Foreign Exchange Market (NFEM), reflecting a ₦29 depreciation from last Friday’s rate of ₦1,600.
Data released by the Central Bank of Nigeria (CBN) confirmed the latest dip in the official exchange rate, signaling renewed pressure on the local currency.
In the parallel market, the Naira also weakened slightly, trading at ₦1,570 per dollar compared to ₦1,565 recorded over the weekend. As a result, the disparity between the official and parallel market rates widened significantly to ₦59 per dollar, up from ₦35 last Friday.
The widening gap raises fresh concerns among market watchers over Nigeria’s foreign exchange stability and the effectiveness of current monetary policies.
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