The Naira continued its downward slide, falling to ₦1,505 per dollar in the parallel market today, down from ₦1,495/$ on Thursday, signaling renewed pressure on the local currency.
Similarly, in the Nigerian Foreign Exchange Market (NFEM), the Naira weakened to ₦1,500 per dollar, reflecting ongoing volatility in the forex market.
Data from the Central Bank of Nigeria (CBN) shows that the official indicative exchange rate climbed to ₦1,500 per dollar, marking a ₦4 depreciation from Thursday’s rate of ₦1,496/$.
As a result, the gap between the parallel market and NFEM rates has widened to ₦5 per dollar, compared to just ₦1 per dollar the previous day, raising concerns over market stability and forex liquidity.
With demand for dollars surging and the Naira under pressure, economic watchers are keeping a close eye on the CBN’s next move—will further interventions help stabilize the currency, or is more turbulence ahead?
