The Nigerian Naira weakened in the parallel market yesterday, moving to N1,410 against the dollar from its Wednesday rate of N1,406. A parallel shift occurred within the Nigerian Foreign Exchange Market (NFEM), where the currency slipped to N1,368.5 per dollar.
Official records from the Central Bank of Nigeria confirmed this trend, noting that the indicative exchange rate increased from N1,366.5 on Wednesday to N1,368.5. This represents a value loss of N2 for the local currency. As a result of these changes, the price gap between the two markets expanded to N41.5, compared to the N39.5 difference observed the previous day.
Trading activity also saw a decline, with interbank turnover at the NFEM dropping by 4.3 percent to N58.4 million, down from Wednesday’s figure of N61.03 million.
