Politics
Breaking News: Naira Experiences Decline To N1260/$ In Parallel Market
Breaking News: Naira Experiences Decline To N1260/$ In Parallel Market....KINDLY READ THE FULL STORY HERE▶
The Naira faced a depreciation on the foreign exchange front, with a drop to N1,260 per dollar in the parallel market, down from N1,220 per dollar on the previous Tuesday. Additionally, a similar trend unfolded in the official Nigerian Foreign Exchange Market (NAFEM), where the Naira depreciated to N904.65 per dollar.
According to data from FMDQ, the indicative exchange rate for NAFEM saw an increase to N904.65 per dollar from the Tuesday rate of N865.03 per dollar, signaling a notable N39.62 depreciation for the Naira.
Consequently, the gap between the official and parallel market exchange rates expanded to N355.35 per dollar on the mentioned day, showing an increase from N354.97 per dollar recorded on Tuesday. Alongside this, the volume of dollars traded on NAFEM observed a substantial 22 percent surge, reaching $120.89 million, in contrast to the $99.09 million traded on the preceding Tuesday.
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Source: Bushradiogist
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