Naira Falls to ₦1,540/$ in Parallel Market

The naira weakened further yesterday, trading at ₦1,540 to the U.S. dollar in the parallel (black) market, down from ₦1,535 at the weekend.

In the official Nigerian Foreign Exchange Market (NFEM), the naira also lost value, moving to ₦1,535.50 per dollar compared with ₦1,534.50 on Friday.

Data from the Central Bank of Nigeria show the naira’s official rate fell by one kobo, widening its gap over the parallel market to ₦4.50 per dollar, with the spread between the two markets holding steady at 50 kobo.