Naira Depreciates to ₦1,585/$ in Parallel Market, ₦1,546/$ in Official Market

The Nigerian currency, the Naira, has continued its downward trend, depreciating further at both the parallel and official markets.

According to data published by the Central Bank of Nigeria (CBN), the Naira depreciated to ₦1,585 per dollar in the parallel market, down from ₦1,565 per dollar on Tuesday.

In the Nigerian Foreign Exchange Market (NFEM), the Naira also depreciated to ₦1,546 per dollar, indicating a ₦9 depreciation from ₦1,537 per dollar on Tuesday.

This development has widened the margin between the parallel market and NFEM rate to ₦39 per dollar, up from ₦37 per dollar on Tuesday.

The depreciation of the Naira is a concern for the Nigerian economy, as it may lead to higher prices of imported goods and services, potentially exacerbating inflationary pressures.