Yesterday the Nigerian naira slipped to N1,382 per U.S. dollar in the parallel market, up from N1,378 at the end of the previous weekend, according to Vanguard News. In the official Nigerian Foreign Exchange Market (NFEM), the rate also weakened to N1,331.5 per dollar, compared with N1,330 the weekend before.
Data released by the Central Bank of Nigeria (CBN) confirmed that the indicative exchange rate rose to N1,331.5 per dollar, reflecting a depreciation of about N1.5 for the naira against the greenback.
The gap between the parallel market and the official rate widened further, reaching N50.5 per dollar from N48 per dollar recorded last Friday.
Interbank turnover in the NFEM fell sharply, declining 77.7 percent to $24.73 million from $111.06 million over the same period.
These movements come amid ongoing volatility in Nigeria’s foreign‑exchange market, where the naira has faced persistent pressure from reduced oil revenues and foreign‑currency shortages.
<small>Source: Vanguard News — read the original story there.</small>
