The Nigerian naira came under renewed pressure in the parallel market on Wednesday, weakening to N1,385 per US dollar from N1,380 recorded the previous day.
In the official Nigerian Foreign Exchange Market (NFEM), the currency also slid to N1,389 per dollar, reflecting a daily increase of N16 from the previous session’s rate of N1,373, according to Central Bank of Nigeria (CBN) data.
The gap between the parallel and official windows narrowed sharply to just N4 per dollar, compared to N25 the day before, suggesting better convergence between the two segments.
Interbank turnover at the NFEM recorded a slight improvement of 0.24%, rising to N125.6 million from N125.3 million in the previous session.
The latest depreciation highlights persistent tightness in dollar liquidity despite ongoing interventions by the monetary authorities. Market observers will be monitoring whether improved foreign reserves and sustained CBN actions can help stabilise the currency in the near term.
