The naira continued its downward trend on Thursday, depreciating to N1,565 per dollar in the parallel market, down from N1,540 traded on Wednesday.
Similarly, in the Nigerian Foreign Exchange Market (NFEM), the local currency weakened to N1,534 per dollar, compared to N1,537 per dollar the previous day, according to data released by the Central Bank of Nigeria (CBN). This reflects a N3 depreciation in the official exchange rate.
As a result, the gap between the official and parallel market exchange rates widened significantly to N31 per dollar, up from N13 on Wednesday.
The widening margin suggests increasing pressure on the naira and lingering challenges in stabilizing supply and demand across both segments of the forex market.
