Naira Hits New Low as Parallel Market Rate Climbs to N1,739

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.

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.

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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.