The naira hit N1,600/$ in the official market, marking its sharpest fall in months, as the gap with the parallel market widens again.
VANGUARD
The naira depreciated to N1,600 per dollar in the Nigerian Foreign Exchange Market (NFEM) on Friday, marking a significant drop after maintaining a three-month stability at the N1,500 threshold.
According to data from the Central Bank of Nigeria (CBN), the indicative exchange rate rose from N1,569 to N1,600 per dollar, reflecting a N31 depreciation.
The decline was also mirrored in the parallel market, where the naira weakened to N1,565 per dollar, down from N1,555 on Thursday.
As a result, the gap between the official and parallel market rates widened to N35, compared to N14 just a day before.
Market analysts say the depreciation underscores persistent pressure on forex supply. “The volatility remains largely demand-driven,” a Lagos-based trader noted.
The sharp divergence between the two markets has reignited concerns over Nigeria’s exchange rate stability and the effectiveness of recent monetary interventions.