The naira on Friday weakened further in the parallel market, trading at N1,538 per dollar, compared to N1,535/$ recorded on Thursday.
Figures published by the Central Bank of Nigeria (CBN) also reflected movement at the official Nigerian Foreign Exchange Market (NFEM), where the margin between the parallel market and official rates remained at N32/$, unchanged from the previous day.
Despite Friday’s dip, the local currency closed the week stronger at the official window, appreciating by N9.5 against the U.S. dollar. However, the story was different in the informal market, where the naira lost N8 over the same period, having opened the week at N1,530/$.
Currency traders in Lagos attributed the disparity between the two markets to persistent dollar demand from importers and individuals, despite the CBN’s interventions to improve liquidity.
Analysts note that while the naira has shown signs of resilience at the official window, volatility in the parallel market continues to pose challenges for stability, underscoring the need for stronger policy measures to sustain gains and narrow the gap between both markets.
