Naira Falls to ₦1,585 per Dollar in Parallel Market
The naira fell to ₦1,585 for one US dollar in the parallel (black) market. On Monday, it was selling for ₦1,570.
At the same time, the naira strengthened in the official Nigerian Foreign Exchange Market (NFEM), rising to ₦1,527 per dollar. On Monday, the official rate was ₦1,532.
This stronger official rate means the naira gained ₦5 against the dollar in the NFEM. As a result, the difference between the black-market rate and the official rate increased to ₦58 per dollar, up from ₦38 the previous day.
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