The naira yesterday exchanged at N1,534.39 to dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM) – the official market
The exchange rate fell to N1,490 to dollar at the parallel market with traders expecting further weakness in the coming days as dollar shortages worsen.
That was the second time in many months that the official exchange rate was weaker than the parallel market rate.
The naira had on January 30, exchanged at N1,482.57 to dollar at the NAFEM – the official market.
The exchange rate fell to N1,460 to dollar at the parallel market over persistent dollar scarcity.
The local currency has continued to depreciate at both official and parallel market over persistent dollar scarcity.
Importers are finding it increasingly difficult to secure the necessary funds from the official FX market and black market.
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