Naira Plunges to Fresh Lows as Dollar Demand Surges

The Nigerian naira continued its downward trend against the US dollar in the foreign exchange market, with the official exchange rate closing at N1,331.2027 on Friday.

This represents a decline of N5 from the previous day's rate of N1,326.5192 and marks a 0.11% depreciation in the local currency's value against the dollar in the official market.

The parallel market also saw a weakening of the naira by 0.36%, with the exchange rate closing at N1,390 per dollar.

The widening gap between the official and parallel market rates has resulted in an increased spread of N58.72 to the US dollar, up from N55.15 previously.