The Nigerian Naira experienced a decline in the parallel market yesterday, dropping to N1,403 against the dollar from the previous day’s rate of N1,385. A similar downward trend was observed in the Nigerian Foreign Exchange Market (NFEM).
According to Central Bank of Nigeria data, the official indicative exchange rate shifted to N1,371.4 per dollar, up from Wednesday’s N1,369. This movement represents a depreciation of N2.4 for the currency. Due to these shifts, the spread between the parallel and official exchange rates increased to N31.6 per dollar, a significant rise from the N16 gap recorded on Wednesday.
Furthermore, trading activity in the interbank sector showed a contraction, with NFEM turnover decreasing by 4.9 percent to reach $85.5 million compared to $90.3 million the day prior.
