Economy
Naira Takes a Dive to N1,520/$ in Parallel Market
The Naira has taken a dip, now standing at N1,520 per dollar in the parallel market.
According to recent data from FMDQ, the indicative exchange rate for NAFEM has also seen a decline, hitting N1,478.11 per dollar, marking an unfortunate trend for the Nigerian currency.
This depreciation, though not welcomed news, has brought about an interesting observation: the margin between the parallel market and NAFEM rates has widened significantly, now standing at N41.89 per dollar.
While the situation might seem dire, let’s hope for a swift rebound for the Naira.
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