The Naira fell from N1,360 on the parallel market on Thursday to N1,363 per dollar today.

However, on the Nigerian Foreign Exchange Market (NFEM), the naira increased marginally to N1,332.49 per dollar.

The indicative exchange rate for the naira decreased to N1,332.49 per dollar from N1,333.55 per dollar on Thursday, indicating a N1.06 appreciation, according to data from the Central Bank of Nigeria (CBN).

As a result, the difference between the official and parallel markets increased from N28.45 to N29.51 per dollar on Thursday.

Interbank turnover in NFEM dropped from $326.12 million on Thursday to $162.7 million, a 55% decrease.

Analysts predict that the naira will continue to be under pressure over the next week.

In their weekly financial market review and outlook, analysts at Cowry Asset Management Plc said, “The naira may remain under pressure in the coming week, although rising external reserves could provide some support.”

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