Naira Falls to ₦1,620 Per Dollar in Parallel Market

 

The Nigerian Naira has depreciated to ₦1,620 per US dollar in the parallel market, down from ₦1,615 the previous day, reflecting persistent pressure on the local currency due to sustained demand for foreign exchange.

n contrast, the official Nigerian Foreign Exchange Market (NFEM) also experienced a decline, with the Naira weakening to ₦1,590 per dollar from ₦1,583. This ₦7 depreciation further narrowed the gap between the parallel and official market rates to ₦30 per dollar, compared to ₦32 previously. 

The continued depreciation of the Naira in both markets underscores ongoing challenges in Nigeria's foreign exchange landscape, including limited dollar supply and high demand from importers and investors.

Analysts suggest that unless structural reforms and increased forex inflows are achieved, the Naira may remain under pressure in the near term.