Naira Weakens Further to N1,625 in Parallel Market

The Nigerian Naira continued its downward trend on Friday, depreciating to N1,625 per dollar in the parallel market, down from N1,615 per dollar on Thursday. This decline highlights the ongoing pressures on the country’s currency amidst economic challenges.

In the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira also saw a decline, closing at N1,598.56 per dollar on Friday, compared to N1,593.93 per dollar the previous day, representing a depreciation of N4.62.

According to data from FMDQ, the volume of dollars traded in the market increased by 11%, rising from $155.52 million on Thursday to $172.8 million on Friday. This growing turnover reflects the heightened demand for foreign exchange in the country.

As a result of these shifts, the gap between the parallel market rate and the NAFEM rate widened, with the margin increasing to N26.44 per dollar from N21.07 per dollar on Thursday. This growing disparity underscores the challenges facing Nigeria’s currency market and the broader economic landscape.