Naira Falls to N1,403/$ in Parallel Market as Inflation Climbs

The Nigerian naira weakened further on Thursday, falling to N1,403 per US dollar in the parallel (black) market from N1,385/$ recorded a day earlier.

The currency also depreciated in the Nigerian Foreign Exchange Market (NFEM), where the official exchange rate declined to N1,371.4 per dollar, compared with N1,369/$ on Wednesday, according to figures released by the Central Bank of Nigeria (CBN).

The latest movements widened the gap between the parallel and official exchange markets to N31.6 per dollar, up from N16 the previous day.

Meanwhile, trading activity in the official foreign exchange market slowed, with interbank turnover dropping by 4.9 percent to N85.5 million, down from N90.3 million recorded on Wednesday.

The depreciation comes as Nigeria continues to face renewed inflationary pressures, adding to concerns over the stability of the naira and the country's broader economic outlook.

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