The Naira experienced further depreciation, reaching N1,405 per dollar in the parallel market, a significant decline from N1,305 just a day earlier. This downturn reflects ongoing volatility in the currency markets.
In the Nigerian Foreign Exchange Market (NAFEM), the Naira also faced a downturn, depreciating slightly to N1,309.88 per dollar from N1,308.52 the previous Wednesday. The data provided by FMDQ highlighted a modest N1.36 depreciation.
As a result of these shifts, the disparity between the parallel market and the NAFEM rates has expanded dramatically, now standing at N95.12 per dollar, up from N45.15 per dollar just a day before. This growing gap underscores the increasing pressures on the Naira in various segments of the forex market.
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