Business
Forex pressure mounts as Naira drops to N1,565/$ at Black Market
The Naira continued its downward trend on Thursday, weakening to N1,565 per dollar in the parallel market, compared to N1,540 per dollar recorded on Wednesday.
In the Nigerian Foreign Exchange Market (NFEM), the Naira also experienced a slight depreciation, trading at N1,534 per dollar, according to data from the Central Bank of Nigeria (CBN). This represents a N3 loss from Wednesday’s official rate of N1,537 per dollar.
As a result, the exchange rate gap between the official market and the parallel market widened significantly to N31 per dollar, up from N13 per dollar the previous day.
Market analysts attributed the pressure on the Naira to sustained demand for foreign exchange and tight liquidity in the official market, which continues to push buyers towards the black market.
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