The Naira has depreciated in the parallel market, trading at N1,668 per dollar on December 12, 2024, down from N1,600. Meanwhile, in the official market, the Naira appreciated to N1,534.6 per dollar. The widening gap between the parallel and official exchange rates poses challenges for Nigeria's economy.
The Naira has experienced a depreciation in the parallel market, where it is now trading at N1,668 per dollar, a sharp decline from N1,600 per dollar on Wednesday, December 12, 2024. This marks a further setback for the currency in the unofficial market, highlighting ongoing challenges in Nigeria's foreign exchange system.
Conversely, the Naira strengthened in the official market, rising to N1,534.6 per dollar, as reported by the Central Bank of Nigeria (CBN). This shift has led to a widening disparity between the parallel market rate and the official rate, which now stands at a difference of N133.4 per dollar, an increase from the N55 per dollar margin observed earlier in the week.
Despite the official rate improving slightly, the parallel market continues to reflect a significant depreciation in the Naira's value, which has raised concerns among businesses and consumers. The growing gap between the two exchange rates further deepens the foreign exchange crisis, impacting Nigeria's economy as manufacturers and importers face higher costs. The fluctuating rates are a reflection of the challenges caused by the country's foreign exchange policies and the broader global economic environment.
