Naira Weakens Further, Exchange Rate Hits N1,565/$ in Parallel Market

The naira continued its downward trend on Thursday, depreciating to N1,565 per dollar in the parallel market, compared to N1,540 recorded the previous day.

In the official Nigerian Foreign Exchange Market (NFEM), the local currency also fell slightly, trading at N1,534 per dollar, according to data from the Central Bank of Nigeria (CBN). This reflects a N3 loss from Wednesday’s rate of N1,537 per dollar.

As a result, the gap between the official and parallel market rates widened significantly to N31 per dollar, up from N13 recorded the previous day, highlighting renewed pressure on the foreign exchange market.