Fresh Blow For Naira As Exchange Rate Slips Again
The Nigerian currency weakened against the US dollar in both the official and parallel markets on Tuesday, extending its recent losses despite a slight narrowing of the gap between the two exchange windows.
The naira recorded another decline against the US dollar on Tuesday, depreciating to ₦1,379 per dollar in the Nigerian Foreign Exchange Market (NFEM), according to data released by the Central Bank of Nigeria (CBN).
The local currency also weakened in the parallel market, where it traded at ₦1,405 per dollar, compared to ₦1,400 recorded on Monday.
CBN figures showed that the indicative exchange rate at the official market rose from ₦1,371 per dollar on Monday to ₦1,379 per dollar, representing an ₦8 depreciation in the value of the naira.
Despite the losses, the gap between the official and parallel market exchange rates narrowed slightly to ₦26 per dollar, down from ₦29 recorded a day earlier.
The latest movement reflects continued pressure on the local currency as market participants monitor developments in Nigeria’s foreign exchange market.
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