Naira Declines Against Dollar In Foreign Exchange Market

Naira Gains Strength in Parallel Market, Now at N1,468 per Dollar
Naira Gains Strength in Parallel Market, Now at N1,468 per Dollar

Data from the FMDQ has revealed that the Naira experienced a decline against the Dollar in the foreign exchange market yesterday. The Nigerian currency concluded at N1508.99 against the Dollar, a decrease from the N1505.30 recorded the previous Friday, indicating a depreciation of N3.69 against the Dollar.

Conversely, in the parallel market, the Naira exhibited notable strength at N1510 per Dollar, up from N1515 traded the previous week, signaling a gain of N5 against the Dollar at the onset of yesterday’s trading session.

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Despite Nigeria’s foreign exchange reserves reaching $34.14 billion last Friday, a blend of trading sentiments was observed in both foreign exchange markets.

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