The naira further weakened against the United States dollar on Thursday, sliding to N1,565/$ in the parallel market, down from N1,540/$ traded the previous day.
In the official segment of the Nigerian Foreign Exchange Market (NFEM), the local currency also recorded a marginal loss, closing at N1,534/$, according to figures released by the Central Bank of Nigeria (CBN). This represents a drop of N3 from the previous day’s rate of N1,537/$.
The latest movement has widened the gap between the official and parallel market rates to N31/$, a significant increase from the N13/$ differential recorded on Wednesday.
The continued depreciation of the naira comes amid persistent pressure on the foreign exchange market, driven by strong demand for the dollar and limited supply.
Market analysts warn that unless sustained measures are taken to boost forex inflows and restore investor confidence, the naira may face further volatility in the coming weeks.
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