Naira depreciates to N1,367/$ in parallel market
The Nigerian naira experienced further depreciation against the dollar in both parallel and official markets this week. Financial analysts suggest the currency will remain under pressure due to persistent demand and market uncertainty.
Why it matters
Currency volatility in Nigeria impacts inflation, import costs, and the broader economic stability of the region.
The naira today depreciated to N1,367 per dollar from N1,363 in the parallel market on Thursday.
Similarly, the naira depreciated to N1,370 per dollar in the Nigerian Foreign Exchange Market, NFEM.
Data from the Central Bank of Nigeria, CBN, showed that the indicative exchange rate for the naira rose to N1,370 per dollar from N1,365 per dollar on Thursday, indicating N5 depreciation for the naira.
Consequently, the margin between the parallel and official markets widened to N3 per dollar from N2 per dollar on Thursday.
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