The naira yesterday weakened further in the parallel market, trading at ₦1,552 per dollar, compared to ₦1,546/$ recorded on Wednesday.
However, the currency appreciated at the official window. Data from the Central Bank of Nigeria (CBN) shows that the naira strengthened to ₦1,533/$ in the Nigerian Foreign Exchange Market (NFEM), up from ₦1,537.2/$ on Wednesday. This represents a gain of ₦4.2 for the local currency.
The gap between the parallel market and official rate also widened significantly, increasing to ₦19/$ yesterday, from ₦8.8/$ the previous day.
The development highlights ongoing volatility in Nigeria’s FX market, with the naira continuing to face pressure in the parallel market despite gains in the official window.