Economy
Naira Declines in Both Markets Against the Dollar
Yesterday, the Naira faced depreciation in both the parallel market and the Nigerian Autonomous Foreign Exchange Market (NAFEM) against the dollar. In the parallel market, the Naira slipped to N1,555 per dollar from N1,545 last Friday. Similarly, in the NAFEM, the Naira weakened to N1,577.29 per dollar, reflecting a broader decline in its value.
Data from FMDQ indicated an increase in trading volume on the NAFEM, rising by 21.3 percent to $153.53 million compared to the previous Friday’s turnover of $126.5 million. Despite the fluctuation, the gap between the parallel market and NAFEM rates remained consistent at N18.8 per dollar.
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