The naira continued its downward slide on Thursday, falling to N1,565 per dollar in the parallel market, down from N1,540 per dollar recorded on Wednesday.
In the Nigerian Foreign Exchange Market (NFEM), the naira also weakened, closing at N1,534 per dollar, compared to N1,537 per dollar the previous day, according to official data published by the Central Bank of Nigeria (CBN). This reflects a N3 depreciation in the official exchange rate.
As a result, the exchange rate gap between the parallel market and the official window widened significantly to N31 per dollar, from N13 per dollar on Wednesday — signaling growing pressure on the local currency across both markets.
The widening margin highlights the ongoing challenges facing the CBN’s exchange rate unification efforts and reflects rising demand for dollars amid limited supply.
