The Nigerian currency, Naira, continued its downward spiral, depreciating to N1,655 per dollar in the parallel market, a decline from N1,645 per dollar traded on Wednesday. Similarly, in the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira depreciated to N1,649.76 per dollar, indicating a N91.01 depreciation from the previous day’s rate of N1,558.75 per dollar.
The gap between the parallel market and NAFEM rates narrowed to N5.24 per dollar, down from N86.25 per dollar the previous day, according to data from FMDQ. This development marks a new low for the Naira, sparking concerns about the country’s economic outlook.
