Naira Depreciates Further In Parallel Market, No Longer N1,655 Per Dollar

On Friday, the Naira continued its downward trend, falling to N1,660 per dollar in the parallel market.

This marks a slight decline from the N1,655 per dollar rate observed on Thursday.

Similarly, the Naira depreciated to N1,546.41 per dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Friday.

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Data from FMDQ showed that the indicative exchange rate for NAFEM decreased from N1,649.76 per dollar on Thursday, reflecting a marginal improvement of N103.35 for the Naira.

However, the gap between the parallel market and NAFEM rates widened significantly, increasing to N113.59 per dollar from N5.24 per dollar the previous day.

This growing disparity underscores the continuing instability in the foreign exchange market.

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