As of August 1, 2025, the Nigerian naira has depreciated to ₦1,565 per US buck in the parallel market, down from ₦1,540 on July 30.
Concurrently, the first price alternate price in the Nigerian Foreign Exchange Market (NFEM) furthermore declined to ₦1,534 per buck from ₦1,537, marking a ₦3 topple.
This building has widened the margin between the parallel and first price charges to ₦31, in contrast to ₦13 the day before today.
This continued depreciation of the naira in each markets shows ongoing financial challenges, including inflationary pressures and reduced foreign alternate inflows.
The widening gap between the parallel and first price alternate charges can also indicate increased inquire of for foreign replace in the informal market, presumably due to diminutive safe admission to to bucks through first price channels.
For businesses and individuals relying on foreign replace transactions, this style underscores the importance of monitoring alternate price movements carefully and considering techniques to mitigate potential risks linked with currency fluctuations.
