Naira slumps to N1,538/$ as pressure persists on parallel market

The naira fell further on Friday, trading at N1,538 per dollar in the parallel market, weaker than the N1,535/$ recorded the previous day.

Figures from the Nigerian Foreign Exchange Market (NFEM) showed the currency also slipped at the official window to N1,503.5 per dollar, compared with Thursday’s N1,503/$, a 50-kobo decline.

Central Bank of Nigeria (CBN) data confirmed the official movement, with the margin between the parallel and NFEM rates steady at N32/$.

For the week, the naira gained N9.5 against the dollar in the official market. However, it lost N8 in the parallel segment, having opened Monday’s trading at N1,530/$.