The Nigerian Naira experienced a slight decline yesterday, slipping to N1,420 per dollar in the parallel market. This follows a previous rate of N1,415 recorded on Monday.
A similar trend was observed in the official Nigerian Foreign Exchange Market (NFEM). According to Central Bank of Nigeria (CBN) data, the indicative exchange rate moved to N1,387 per dollar, up marginally from Monday’s rate of N1,386.75.
While the official depreciation was a modest 25 kobo, the combined shifts caused the gap between the two markets to expand. The margin between the parallel and official rates now stands at N33 per dollar, compared to N28.25 earlier in the week.
