The Nigerian naira slipped further on Wednesday, reaching N1,375 per US dollar in the parallel market, up from N1,370 the day before, according to data released by the Central Bank of Nigeria (CBN).
In the official Nigerian Foreign Exchange Market (NFEM), the indicative exchange rate rose to N1,331 per dollar, a modest increase from N1,329.56, representing a depreciation of roughly N1.44 for the local currency.
The widening gap between the two markets was also evident, with the spread expanding to N44 per dollar from N40.44 the previous day, highlighting a growing divergence between official and parallel rates.
Nigeria, Africa’s most populous nation, has seen its currency under pressure in recent months as it navigates a challenging economic environment marked by high inflation and foreign exchange constraints.
The latest figures underscore the persistent volatility of the naira and the continued disparity between the official and parallel markets, a dynamic that influences import costs and broader economic activity.
<small>Source: Vanguard News — read the original story there.</small>
