Naira Weakens futher in Parallel Market

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The Nigerian Naira continued its downward trend, depreciating to N1,610 per dollar in the parallel market, slipping from its previous value of N1,600 per dollar earlier this week.

The Naira's decline was also evident in the Nigerian Autonomous Foreign Exchange Market (NAFEM), where it weakened to N1,592.06 per dollar. This represents a significant drop from Monday’s exchange rate of N1,579.22 per dollar, marking a depreciation of N12.84.

Data from FMDQ further indicated that the volume of dollars traded in NAFEM decreased by 6.5%, with a turnover of $152.26 million compared to $162.99 million on Monday. As a result, the gap between the parallel market rate and the NAFEM rate has slightly narrowed, now standing at N17.94 per dollar, down from N20.78 per dollar earlier in the week.

This continued depreciation underscores the ongoing challenges facing the Nigerian currency amidst fluctuating market conditions.

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