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From Adanna Nnamani, Abuja
The naira weakened further, Wednesday, closing at ₦1,602.02 per dollar in the official Nigerian Foreign Exchange Market (NFEM), according to the Central Bank of Nigeria (CBN).
This marks a decline from Monday’s rate of N1,596 per dollar, driven by ongoing currency volatility and a shortage of dollar inflows.
Intraday trading saw the naira hit a high of ₦1,602.02 and a low of ₦1,596.7, with a simple average exchange rate of ₦1,600.04 for the day.
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Compared to Friday’s rate of approximately ₦1,600 per dollar, the naira’s depreciation underscores mounting pressures on Nigeria’s currency amid rising speculative demand and insufficient dollar supply in both official and parallel markets.
In the parallel (black) market, Abuja’s Zone 4 traders reported the dollar selling at ₦1,610 on Tuesday, up from ₦1,605 on Monday.
“This widening disparity between the official and unofficial markets raises further concerns about market discrepancies and speculative trading practices,” a CBN source noted, noting challenges to Nigeria’s economic stability.
