The Naira fell to N1,670 per dollar in the parallel market today, down from N1,665 yesterday. The Naira also fell to N1,545 per dollar in the official foreign exchange market.
According to data issued by the Central Bank of Nigeria (CBN), the exchange rate for the Nigerian Foreign Exchange Market (NFEM) increased to N1545 per dollar from N1,540 per dollar, signifying a N5 devaluation of the naira.
Similarly, data from FMDQ revealed that the exchange rate jumped to N1,544.2 per dollar from N1,544.05 per dollar, suggesting a 15-kobo depreciation in the naira.
As a result, the difference between the parallel market and NFEM rates increased to N125 per dollar from N120.95 per dollar.
