The naira continued its downward slide on Thursday, depreciating to N1,495 per dollar in the parallel market, down from N1,490 the previous day.
In the Nigerian Foreign Exchange Market (NFEM), the naira also weakened, trading at N1,496 per dollar compared to Wednesday’s N1,495, according to data from the Central Bank of Nigeria (CBN).
This latest dip narrows the gap between the parallel and official market rates to just N1, a sharp contrast to the N9.8 margin recorded earlier in the week.
The depreciation comes amid ongoing market volatility, with analysts attributing the naira’s performance to persistent dollar demand and limited foreign exchange liquidity.
Market watchers are keeping a close eye on potential regulatory measures from the CBN to stabilize the currency and address the pressure on Nigeria’s foreign reserves.
