The Naira continued its downward trend in the parallel market, falling to ₦1,635 per dollar on Wednesday, compared to ₦1,625 per dollar on Tuesday—marking a ₦10 drop within 24 hours.
So far this month, the Naira has lost ₦29 or 1.8% of its value in the parallel market, highlighting persistent volatility in the foreign exchange landscape.
In contrast, the official Nigerian Foreign Exchange Market (NFEM) recorded a slight recovery, with the Naira appreciating to ₦1,596 per dollar, up from ₦1,599.8 on Tuesday, according to data from the Central Bank of Nigeria (CBN). This reflects a ₦3.8 gain in the regulated market.
As a result, the rate gap between the official window and the parallel market widened to ₦39 per dollar, up from ₦25.2 per dollar the previous day.
Hobnob News will continue to monitor the market as stakeholders push for stability and policy reforms to strengthen the nation’s currency.
