The value of the naira dropped to N1,600 per dollar in the official foreign exchange market today.
This comes after staying around N1,500 for the past three months.
According to data from the Central Bank of Nigeria, the official exchange rate moved up from N1,569 to N1,600, showing a decline of N31 in the naira’s value.
In the black market, the naira also weakened—trading at N1,565 per dollar compared to N1,555 the day before.
As a result, the gap between the official and parallel market rates widened to N35, up from N14 on Thursday.
