Home Business News Naira falls against US dollar in parallel market

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The Nigerian Naira weakened further in the parallel market on Thursday, dropping to N1,668 per dollar from N1,600 per dollar the previous day.

In contrast, the Naira strengthened in the official foreign exchange market, appreciating to N1,534.6 per dollar.

According to data from the Daily Nigerian Foreign Exchange Market (NFEM), published by the Central Bank of Nigeria (CBN), the indicative exchange rate for the Naira improved by N10.4, moving from N1,545 per dollar on Wednesday to N1,534.6 per dollar on Thursday.

This shift has widened the gap between the parallel market rate and the official exchange rate, with the margin increasing from N55 per dollar on Wednesday to N133.4 per dollar.

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