Market News
Official, parallel market gap widens to N13 as naira depreciates - THE GUARDIAN
The naira yesterday recorded further weakness against the United States dollar, with the margin between the official and parallel market exchange rates widening to N13 per dollar.
Figures from the Nigerian Foreign Exchange Market (NFEM) showed that the naira closed at N1,537 per dollar, a one-kobo depreciation from Monday’s N1,536.99 per dollar.
In contrast, the parallel market rate slid to N1,550 per dollar from N1,540 recorded on Monday.
The development pushed the gap between both markets from N3.01 on Monday to N13 yesterday, highlighting renewed pressure on the currency.
Data published by the Central Bank of Nigeria (CBN) confirmed the slight movement in the official window, even as traders reported stronger volatility in the parallel market.
