The Nigerian Naira continued its downward trend, falling to ₦1,585 per dollar in the parallel market on Wednesday, down from ₦1,565/$ the previous day.
Similarly, the Naira weakened in the Nigerian Foreign Exchange Market (NFEM), reaching ₦1,546 per dollar, reflecting ongoing volatility in Nigeria’s foreign exchange (FX) market.
CBN Data Reveals Widening Exchange Rate Gap
According to data from the Central Bank of Nigeria (CBN), the indicative exchange rate for the Naira in the official market climbed to ₦1,546 per dollar, compared to ₦1,537/$ on Tuesday—marking a ₦9 depreciation.
As a result, the exchange rate gap between the parallel market and the NFEM widened to ₦39 per dollar, up from ₦37 per dollar the day before.
FX Market Turbulence Continues Amid Economic Reforms
The latest dip in the Naira’s value comes amid continued economic reforms and foreign exchange market adjustments under President Bola Ahmed Tinubu’s administration. Market analysts cite inflation, policy shifts, and foreign currency demand pressures as key factors driving the fluctuations.