The Naira has depreciated to a new low of N1,600 per dollar in the Nigerian Foreign Exchange Market (NFEM), marking a significant shift after three months of stability at the N1,500 threshold.
According to data released by the Central Bank of Nigeria (CBN), the indicative exchange rate for the naira surged to N1,600 per dollar from N1,569 on Thursday, reflecting a N31 depreciation.
In the parallel market, the naira also saw a dip, falling to N1,565 per dollar from N1,555 the previous day.
As a result, the gap between the NFEM and parallel market rates has widened significantly, increasing from N14 per dollar to N35 per dollar.
This depreciation underscores ongoing volatility in the Nigerian currency market, raising concerns about the future trajectory of the Naira and its impact on both local businesses and the broader economy.
