The Naira weakened against the dollar, dropping to N1,520 per dollar in the parallel market, down from N1,470 per dollar last week Friday. This depreciation highlights the ongoing challenges faced by Nigeria’s currency.
In the Nigerian Foreign Exchange Market (NAFEM), the Naira also depreciated, reaching N1,478.11 per dollar. Data from FMDQ indicated that the exchange rate for NAFEM rose from N1,466.31 per dollar last weekend, showing an N11.8 decline for the Naira.
As a result, the gap between the parallel market and NAFEM rates increased significantly. The margin widened to N41.89 per dollar from N3.69 per dollar last weekend, indicating increasing volatility and disparity in Nigeria’s foreign exchange markets.
Source: This Day Live