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The naira weakened to N1,635/$ in the parallel market, while it appreciated slightly in the official market. Analysts note a widening disparity between the two rates as market volatility persists.

  • Naira depreciated from N1,625/$ to N1,635/$ in the parallel market, losing N10 in one day.
  • Official Nigerian Foreign Exchange Market rate improved to N1,596/$, up from N1,599.8/$.
  • The gap between official and parallel rates widened to N39, up from N25.2 the previous day.

Traders and importers are feeling the heat as currency instability worsens, affecting pricing and planning. “It’s hard to keep up. Every day the rate changes,” one Lagos-based electronics importer shared.

Will the Central Bank’s interventions be enough to stabilize the naira and close the widening rate gap?