Yesterday, the Naira took a sharp hit, plunging to N1,670 per dollar in the parallel market, down from N1,660 per dollar just a day earlier. In the official foreign exchange market, it fared little better, slipping to N1,550 per dollar.
Data released by the Central Bank of Nigeria (CBN) revealed that the exchange rate for the Nigerian Foreign Exchange Market (NFEM) rose slightly to N1,550 per dollar from N1,549 per dollar on Tuesday, reflecting a concerning devaluation of N1 for the Naira.
As a result, the gap between the parallel market and NFEM rates has expanded, now standing at a staggering N120 per dollar, up from N111 per dollar just a day before.
