The naira continued its downward trend on Tuesday, April 29, 2025, as it depreciated to ₦1,615 per dollar in the parallel market, compared to ₦1,610 recorded on Monday.
Similarly, the local currency fell in the Nigerian Foreign Exchange Market (NFEM), where it closed at ₦1,602 per dollar, according to data released by the Central Bank of Nigeria (CBN).
Data published by the Central Bank of Nigeria, CBN, showed that the indicative exchange rate for the naira rose to N1,602 per dollar from N1,596 per dollar on Monday, indicating N6 depreciation for the naira.
Consequently, the margin between the parallel market and NFEM rate narrowed to N13 per dollar from N14 per dollar on Monday.