Naira Depreciation Deepens: ₦1,537 per Dollar in Parallel Market

Nigeria’s currency, the naira, dropped further in value, with the parallel market now trading at about ₦1,537 to the US dollar. In the official Nigerian Foreign Exchange Market (NFEM), it also weakened — from ₦1,485.50 to ₦1,498 per dollar — showing signs of pressure across both markets.

Widening Rates in Parallel vs Official FX Markets

Even though both rates have fallen, the gap between the parallel market rate and the NFEM rate has reduced somewhat: it’s now ₦39 per dollar, down from about ₦49.95 earlier. This narrowing suggests some realignment, though the naira continues to face volatility.

For everyday consumers and businesses, this intensified naira depreciation means that foreign import prices may keep rising. Goods, services, and inflation tied to import costs are likely to take a harder hit. It also puts pressure on policy makers to intervene or adjust strategies.

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