Naira Depreciates Against the Dollar as Exchange Rates Shift
Yesterday, the Nigerian Naira witnessed a decline in value, trading at N1,670 per dollar in the parallel market, a drop from N1,665 per dollar on Tuesday. In the official foreign exchange market, the Naira also depreciated, with the exchange rate climbing to N1,545 per dollar, up from N1,540 per dollar the previous day.
Data released by the Central Bank of Nigeria (CBN) revealed that the exchange rate for the Nigerian Foreign Exchange Market (NFEM) increased by N5, emphasizing the downward trend of the Naira. Meanwhile, information from the Financial Markets Dealers Quotations (FMDQ) indicated a more marginal rise, with the rate moving to N1,544.2 per dollar from N1,544.05 per dollar on Tuesday, marking a depreciation of 15 kobo.
As a result of these fluctuations, the gap between the parallel market rate and the NFEM rate has widened to N125 per dollar, up from N120.95 per dollar recorded on Tuesday. This development underscores the ongoing challenges facing the Naira as it navigates through fluctuating exchange rates in both official and unofficial markets.
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