The Naira weakened further in the foreign exchange market on Friday, falling to N1,545 per dollar in the parallel market, down from N1,525/$ the previous day.
Similarly, in the Nigerian Foreign Exchange Market (NFEM), the local currency depreciated to N1,542 per dollar, compared to N1,520/$ on Thursday, according to data from the Central Bank of Nigeria (CBN).
This represents a N22 drop in value, with the margin between the official and parallel market rates narrowing to N3 per dollar, down from N5 per dollar a day earlier.
The continued depreciation reflects ongoing forex liquidity challenges and persistent pressure on the Naira amid economic reforms.
