Naira Value Plummets: Parallel Market Rate Hits N1,600 per Dollar, Official Rate at N1,545
The value of the Nigerian Naira has taken a hit, with the parallel market rate experiencing a significant depreciation to N1,600 per dollar yesterday. This represents a further decline from the N1,585 per dollar rate recorded on Tuesday.
In related developments, the official foreign exchange market also witnessed a depreciation, with the indicative exchange rate for the Naira rising to N1,545 per dollar from N1,525 per dollar on Tuesday. This represents a N20 depreciation.
According to data published by the Central Bank of Nigeria (CBN) through the Daily Nigerian Foreign Exchange Market (NFEM), the widening gap between the parallel market and official rates has narrowed to N55 per dollar from N60 per dollar on Tuesday. This development may have significant implications for importers and exporters in the country.
The CBN’s data provides valuable insights into the dynamics of the foreign exchange market in Nigeria, helping to inform policy decisions and market participants alike. As the Naira continues to face challenges in maintaining its value, stakeholders will be closely watching developments in this space to assess the impact on the economy.
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