As of the end of trading on Friday, the Naira is exchanging at N1,536.89 per dollar in the officialmarket.
According to data from the Central Bank of Nigeria (CBN), the Naira experienced a decline of N6.27 on the Nigeria Foreign Exchange Market (NFEM), having traded at N1,530.62 the previous day.
In contrast, the parallel market, often referred to as the black market, has remained largely stable with no significant changes observed in recent days.
In Lagos and Abuja, traders reported the currency being sold at N1,580 per dollar, while in Enugu, rates were slightly lower at N1,570 per dollar according to Bureau de Change operators.
Economists attribute the stability in the parallel market to a decrease in demand for the Naira and various control measures implemented by the CBN, which is overseeing the activities of traders.
