NAIJA NEWS
The Nigerian currency, the Naira, has experienced a significant decline in value, falling to ₦1,340 per dollar in the parallel market, a notable decrease from N1,300 per dollar just last Friday.
Naija News reports that the depreciation trend continued in the Nigerian Foreign Exchange Market (NAFEM), where the Naira weakened to ₦1,419.11 per dollar from ₦1,339.23.
According to data released by FMDQ, the indicative exchange rate for NAFEM showed a sharp depreciation of ₦79.88, exacerbating concerns among investors and the public about the underlying economic pressures facing the country.
The growing disparity between the official and parallel market rates, which now stands at ₦79.11 per dollar compared to ₦39.23 last week, underscores the volatility in the foreign exchange market.
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