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Naira slips by N3 in parallel market, trading weaker at N1,538/$
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Official rate at Nigerian Foreign Exchange Market drops slightly to N1,503.5/$
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Weekly performance shows gain at official window but loss in parallel market
The naira depreciated further on Friday in the parallel market, trading at N1,538 per dollar compared to N1,535/$ recorded the previous day.
At the Nigerian Foreign Exchange Market (NFEM), the local currency also slipped slightly, closing at N1,503.5 per dollar against Thursday’s N1,503/$, reflecting a 50 kobo drop.
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According to figures released by the Central Bank of Nigeria (CBN), the gap between the parallel market and the NFEM rate remained at N32/$, the same margin recorded on Thursday.
READ ALSO:CBN Reforms, Weak Dollar Push Naira to Strongest Level Since March
Despite Friday’s depreciation, the official market showed relative strength over the week as the naira appreciated by N9.5 against the dollar.
However, in the parallel market, the local unit weakened by N8, having opened the week at N1,530/$.
