Naira Weakens to N1,635/$ in Parallel Market, Gains Slightly at Official Window

The naira continued its volatility on Wednesday, falling to N1,635 per dollar in the parallel market, down from N1,625 traded on Tuesday — marking a N10 drop in value within 24 hours.

This represents a 1.8 percent depreciation, or N29 loss, in the value of the naira at the unofficial market since the beginning of May.

In contrast, the naira recorded a marginal gain at the Nigerian Foreign Exchange Market (NFEM), appreciating to N1,596 per dollar, compared to N1,599.8 on Tuesday. This reflects a modest N3.8 improvement.

Data from the Central Bank of Nigeria (CBN) confirmed the official exchange rate movement, showing the naira strengthening slightly at the regulated window.

As a result of the opposing trends, the gap between the parallel market rate and the official rate widened further to N39 per dollar, up from N25.2 the previous day — underscoring persistent pressure on the currency across markets.