Business
Naira falls to N1,405/$ in parallel market as exchange rate weakens
The Nigerian currency, Naira, has been affected by yet another negative trend as it lost some value when compared to the United States dollar in both the parallel and the official foreign exchange market.
Specifically, in the black market known as the parallel market, the Nigerian currency weakened to N1, 405 per US dollar, having previously been valued at N1, 389 per US dollar on Tuesday; thus, the value dropped by N16 within one day.
The Nigerian currency was also weak in the NFEM, in which it had weakened to N1, 361. 5 per dollar from N1, 356. 5 per dollar on Tuesday.
It is important to note that according to the information provided by the CBN, the indicative exchange rate in the official market rose by N5.
Overall, the above trends indicate volatility within Nigeria’s forex market regardless of attempts of monetary authorities to stabilize the currency.
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