Naira Falls to ₦1,560/$ in Parallel Market as Official Rate Improves

Naira Falls to ₦1,560/$ in Parallel Market as Official Rate Improves

The Nigerian naira weakened to ₦1,560 per US dollar in the parallel market, while appreciating slightly to ₦1,535.4/$ in the Nigerian Foreign Exchange Market (NFEM).

According to fresh Central Bank of Nigeria (CBN) data, the official exchange rate improved from ₦1,536.8/$ recorded on Tuesday to ₦1,535.4/$ on Wednesday, reflecting a ₦1.4 gain for the naira in formal trading.

This development widened the gap between the parallel market rate and the official CBN exchange rate to ₦24.6 per dollar, up from ₦18.2 the previous day. Market watchers say the disparity underscores continued pressure in Nigeria’s foreign exchange ecosystem despite recent monetary interventions.

The Nigerian forex market remains influenced by a combination of demand for foreign currency from importers, speculative trading in the parallel market, and global economic factors. Analysts believe that sustained reforms in Nigeria’s foreign exchange policies will be crucial in narrowing the gap between the official and unofficial market rates.

For real-time updates on currency exchange trends, the CBN’s FX rate portal provides official market figures.