The Naira has depreciated to N1,670 per dollar in the parallel market, while its official rate stands at N1,550 per dollar. This shift reflects the widening gap between the parallel and official exchange markets, as reported by the Central Bank of Nigeria.
The Naira experienced further depreciation, reaching N1,670 per dollar in the parallel market, a drop from N1,660 on Tuesday. In the official foreign exchange market, the Naira also weakened to N1,550 per dollar, slightly higher than the previous rate of N1,549.
According to the Central Bank of Nigeria's data, the official exchange rate saw a marginal increase of N1, signaling a continued depreciation. As a result, the difference between the parallel market rate and the official rate has widened to N120 per dollar, up from N111 the previous day.
This ongoing decline in the Naira's value highlights the challenges facing the Nigerian economy, with implications for foreign exchange stability and inflation concerns.
