The naira has continued its depreciation against the US dollar for the fifth time despite the Central Bank of Nigeria’s sale of foreign currencies to legitimate Bureau De Change operators.
The naira experienced a depreciation, reaching N1,300.15 per dollar on the official market, surpassing the parallel market rate by N45.15.
Data sourced from FMDQ revealed a substantial increase in the indicative exchange rate for NAFEM, climbing from N1,234.49 per dollar to N1,300.15 per dollar since last Friday, marking a depreciation of N65.66 for the local currency.
Concurrently, the naira also witnessed a decline in the parallel market, slipping to N1,255 per dollar from N1,250 per dollar recorded on the preceding Monday.
This downward trend underscores the currency’s weakened position in the forex landscape.
As a result of these fluctuations, the disparity between the parallel market and NAFEM rates has widened, now standing at N45.15 per dollar, compared to N15.51 per dollar observed the previous day.
This growing margin accentuates the challenges faced by currency traders and highlights the need for effective policy interventions to stabilize the forex market and restore investor confidence.
