In a concerning trend, the Naira witnessed a depreciation, reaching N1,520 per dollar in the parallel market, compared to N1,470 per dollar just last week. This decline was mirrored in the Nigerian Foreign Exchange Market (NAFEM), with the Naira sliding to N1,478.11 per dollar.
Data from FMDQ highlights the indicative exchange rate for NAFEM climbing to N1,478.11 per dollar, signaling an N11.8 depreciation for the Naira. This widening gap between the parallel market and NAFEM rates now stands at N41.89 per dollar, a stark contrast from the N3.69 margin observed last weekend.
The Naira's depreciating trajectory underscores ongoing concerns about its stability and prompts reflection on strategies to mitigate further declines.
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