The naira depreciated against the U.S. dollar on Thursday in both the parallel and official foreign exchange markets, reflecting renewed pressure on the local currency.
In the parallel market, the naira weakened to ₦1,403 per dollar, down from ₦1,385 per dollar recorded on Wednesday.
Similarly, the local currency depreciated in the Nigerian Foreign Exchange Market (NFEM), where it closed at ₦1,371.40 per dollar, compared with ₦1,369.00 per dollar the previous day.
Data released by the Central Bank of Nigeria (CBN) showed that the indicative exchange rate rose by ₦2.40, signalling a further weakening of the naira in the official market.
As a result, the gap between the parallel market and the official exchange rate widened to ₦31.60 per dollar, up from ₦16.00 per dollar on Wednesday.
Meanwhile, trading activity in the official market declined, with interbank turnover at the NFEM falling by 4.9 per cent to $85.5 million, compared with $90.3 million recorded the previous day.