The naira depreciated against the dollar at the parallel foreign exchange market to end the week on a negative note.
The naira ended the week on a downward trend in the parallel foreign exchange market, depreciating to N1,635 against the dollar on Friday from N1,625 the previous day. Bureau de Change operators in Abuja confirmed the 10 naira drop, with traders buying at N1,625 and selling at N1,635. The decline highlights ongoing volatility in the unofficial market despite recent stabilization efforts.
In contrast, the official market saw marginal gains as the naira strengthened slightly to N1,598.72 per dollar on Friday from N1,599.33 on Thursday, according to Central Bank of Nigeria data. The 0.6 naira appreciation reflects modest stability in the official window, though the widening gap between official and parallel rates remains a concern for economic analysts.
The divergent performance underscores persistent forex market pressures, with demand continuing to outstrip supply. While the CBN has implemented measures to boost liquidity, the parallel market’s weakening suggests lingering challenges in achieving exchange rate convergence.
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