The Nigerian naira experienced a significant depreciation today, falling to ₦1,600 per US dollar in the official foreign exchange market after maintaining relative stability around the ₦1,500 mark for approximately three months.
Central Bank of Nigeria data reveals that the official exchange rate deteriorated from ₦1,569 to ₦1,600 per dollar, representing a ₦31 decline in the naira’s value.
The parallel market (commonly known as the black market) similarly recorded depreciation, with the naira trading at ₦1,565 per dollar, down from ₦1,555 in the previous day’s trading.
This movement has expanded the spread between official and parallel market rates to ₦35, more than doubling from Thursday’s ₦14 differential.
Financial analysts are closely monitoring these developments for potential impacts on inflation, imports, and broader economic indicators.
