Economy
Naira Continues to Decline in Parallel Market
The Nigerian naira experienced a sharp depreciation, dropping to N1,590 per dollar in the parallel market on Friday, a decline from N1,580 per dollar the previous day.
In the Nigerian Autonomous Foreign Exchange Market (NAFEM), the naira also weakened, closing at N1,617.08 per dollar compared to N1,570 per dollar on Thursday. Data from FMDQ revealed this significant N47.08 decline.
The volume of dollars traded saw a decrease of 7.6%, with $131.55 million traded on Friday, down from $142.32 million on Thursday.
This depreciation has widened the margin between the parallel market rate and the NAFEM rate to N27.08 per dollar, up from N10 per dollar on Thursday.
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