The Nigerian Naira experienced a significant depreciation in the parallel market yesterday, falling to N1,668 per dollar from its previous rate of N1,600 on Wednesday.
This marks a sharp decline, raising concerns among traders and economists about the currency’s performance in informal markets.
In contrast, the Naira showed positive movement in the official foreign exchange market. According to data from the Central Bank of Nigeria (CBN), the indicative exchange rate strengthened to N1,534.6 per dollar, compared to N1,545 per dollar recorded on Wednesday. This reflects an improvement of N10.4 in the official exchange rate.
The widening gap between the parallel market and the official market has become a point of concern.
The difference between the two rates expanded significantly, reaching N133.4 per dollar yesterday. This represents a notable jump from the N55 per dollar margin recorded on Wednesday.
