Naira Crashes Again, Depreciates To N1,615/$ In Parallel Market

The naira continued its downward trend on Tuesday, falling to N1,615 per dollar in the parallel market, a further slide from N1,610 per dollar recorded the previous day.

Similarly, in the Nigerian Foreign Exchange Market (NFEM), the naira depreciated to N1,602 per dollar.

According to data released by the Central Bank of Nigeria (CBN), the indicative exchange rate rose to N1,602 per dollar, up from N1,596 on Monday, reflecting a N6 loss in value for the local currency.

As a result, the gap between the parallel market rate and the official NFEM rate narrowed slightly to N13 per dollar, compared to N14 per dollar on Monday.