The Naira has continued its downward trajectory in the parallel market, dropping to N1,739 per dollar on Thursday, a decline from N1,735 on Wednesday.
In a contrast, the Naira gained ground in the Nigerian Autonomous Foreign Exchange Market (NAFEM), where the exchange rate improved to N1,601.2 per dollar, down from N1,654.09, reflecting a notable appreciation of N52.89.
This divergence highlights the increasing gap between the parallel market and official rates.
ATTENTION: Click “HERE” to join our WhatsApp group and receive News updates directly on your WhatsApp!
The trading volume in the official market surged by an impressive 69 percent, reaching $230.99 million, up from $136.68 million the previous day.
As a result, the gap between the parallel market and NAFEM rates widened significantly, now standing at N137.8 per dollar, compared to N80.91 the day prior.
READ ALSO: Naira Soars To N1,680/$ In Parallel Market
Economic analysts are closely monitoring these fluctuations as they indicate the growing pressures on Nigeria’s economy.
The Central Bank of Nigeria (CBN) has yet to release a formal statement regarding this currency volatility, but observers expect forthcoming measures to address the widening disparity in exchange rates.
