The Nigerian naira depreciated to ₦1,420 per U.S. dollar in the parallel market, reflecting renewed pressure on the local currency amid persistent foreign exchange demand.
The latest decline widened concerns over exchange rate volatility, despite ongoing efforts by monetary authorities to stabilize the foreign exchange market.
Market participants attributed the depreciation to increased demand for dollars and limited foreign currency supply in the unofficial market.
The movement in the parallel market comes as businesses and investors continue to monitor developments in Nigeria’s foreign exchange policies and broader economic conditions.
THE NATION
