Nigeria’s Naira shows no signs of recovery as the currency continues its downward spiral in both the official and parallel markets at the end of trading on Thursday.
Data released by the Central Bank of Nigeria (CBN) indicates that the exchange rate in the Nigerian Foreign Exchange Market (NFEM) has risen, with the naira trading at 1,559 per dollar, up from 1,554 on Wednesday.
This means that the slight recovery the naira experienced on Wednesday, when it traded at N1,554 per dollar after having reached N1,560 on Tuesday, has now been entirely erased.
In the parallel market, the naira is trading between N1,670 and N1,675 per dollar, with many experts attributing the increasing gap between the official and parallel rates to the high demand for foreign currency.
