Nigeria News
Naira falls against dollar amid ongoing forex market pressure
The naira yesterday weakened to ₦1,457 per dollar in the parallel market, down from ₦1,455 per dollar on Monday.
Similarly, in the Nigerian Foreign Exchange Market (NFEM), the naira depreciated to ₦1,441.75 per dollar.
According to data released by the Central Bank of Nigeria (CBN), the exchange rate rose from ₦1,438 per dollar on Monday to ₦1,441.75 per dollar on Tuesday reflecting a ₦3.75 depreciation.
As a result, the gap between the parallel market rate and the NFEM rate narrowed to ₦15.25 per dollar, compared to ₦17 per dollar recorded on Monday.
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