Naira Weakens Slightly to ₦1,630/$ in Parallel Market
The naira depreciated marginally against the U.S. dollar in the parallel market, sliding to ₦1,630/$ on Saturday, May 11, from ₦1,625/$ the previous day—reflecting a ₦1.02 drop.
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According to data obtained by Economic confidential from Aboki Forex, the naira was quoted at ₦1,625/$ for buying and ₦1,630/$ for selling, indicating continued volatility in the unofficial market.
Meanwhile, figures from the Central Bank of Nigeria (CBN) showed the official exchange rate stood at ₦1,606.64/$ on Tuesday, compared to ₦1,605.62/$ on Monday. Despite the fluctuations, the naira’s decline remained moderate throughout the week.
