Naira Weakens to N1,670/$ in Parallel Market, Official Rate Drops to N1,550/

By: Bayero Ade

The Naira depreciated to N1,670 per dollar in the parallel market yesterday, down from N1,660 per dollar on Tuesday. Similarly, in the official foreign exchange market, the Naira fell to N1,550 per dollar.

According to Vanguard, Data from the Central Bank of Nigeria (CBN) showed that the exchange rate in the Nigerian Foreign Exchange Market (NFEM) increased to N1,550 per dollar from N1,549 per dollar on Tuesday, marking a N1 depreciation for the Naira.

As a result, the disparity between the parallel market and official rates widened to N120 per dollar, compared to N111 per dollar on Tuesday.