Naira-dollar
Naira drops by N5 against dollar in parallel market
The Naira weakened to N1,495 per dollar in the parallel market on Thursday, falling from N1,490 per dollar the previous day.
In the Nigerian Foreign Exchange Market (NFEM), the currency also depreciated to N1,496 per dollar.
According to data released by the Central Bank of Nigeria (CBN), the indicative exchange rate climbed to N1,496 per dollar, compared to N1,495 per dollar on Wednesday — reflecting a N1 decline for the local currency.
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As a result, the gap between the parallel market and the NFEM rate tightened to N1 per dollar, down from N9.8 per dollar the day before.
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