The naira yesterday recorded a slight depreciation in both the parallel market and the Nigerian Foreign Exchange Market (NFEM).
In the parallel market, the naira exchanged at N1,457 per dollar, weakening from N1,455 per dollar recorded on Monday.
Similarly, data published by the Central Bank of Nigeria (CBN) showed that the naira also declined at the official NFEM window, where it traded at N1,441.75 per dollar, compared to N1,438 per dollar on Monday. This represents a N3.75 depreciation in the official rate.
As a result, the gap between the parallel market rate and the NFEM rate narrowed to N15.25 per dollar, down from N17 per dollar on Monday.
The slight movements come amid sustained forex demand pressure and ongoing market adjustments following recent monetary policy interventions.
