Naira depreciates to N1,495/$ in parallel market

The naira depreciated further on Thursday, trading at N1,495 per dollar in the parallel market, down from N1,490 per dollar the previous day.

Similarly, in the Nigerian Foreign Exchange Market (NFEM), the currency weakened to N1,496 per dollar.

According to data from the Central Bank of Nigeria (CBN), the indicative exchange rate climbed to N1,496 per dollar, marking a N1 decline from N1,495 per dollar recorded on Wednesday.

As a result, the gap between the parallel market and official exchange rate significantly narrowed to just N1 per dollar, compared to N9.8 per dollar on the previous trading day.