Naira Weakens Further to ₦1,395 per Dollar in Parallel Market as FX Pressure Persists

The Nigerian Naira continued its depreciation on Monday, sliding to ₦1,395 per US dollar in the parallel market, compared to ₦1,390 recorded at the end of last week.

In the official Nigerian Foreign Exchange Market (NFEM), the currency also weakened slightly, trading at ₦1,373.5 per dollar, up from ₦1,372 previously, according to data from the Central Bank of Nigeria (CBN).

This movement reflects a marginal ₦1.5 loss in the official market and shows a widening gap between the official and parallel market rates, which increased to ₦21.5 per dollar from ₦19.

Market activity also picked up, with turnover in the interbank foreign exchange market rising sharply by 57.3% to $76.3 million, compared to $48.5 million in the previous session.

The continued pressure on the naira highlights ongoing foreign exchange supply constraints and persistent demand in the unofficial market.

• Tweet
• Share
• Share
• Share
• Share