As trading concluded on Friday, the naira recorded a notable drop against the dollar in both the official and parallel markets.
According to data from the Central Bank of Nigeria’s (CBN) official website, the naira fell to N1,603.78 per dollar on the Nigeria Foreign Exchange Market (NFEM).
This decline of 11.93 naira within a 24-hour period marks a decrease from Thursday’s rate of N1,591.85 per dollar.
In the parallel market, the naira also continued its downward trend, trading at N1,621 per dollar. Traders have attributed this situation to increasing demand pressures alongside a limited supply of dollars.
Participants in the market at Wuse Zone 4 in Abuja noted that the ongoing depreciation is driven by a resurgence in speculative trading, unmet demand from importers, and persistent confidence issues within the foreign exchange market.
