Naira Faces Further Decline at Official and Parallel Markets

Naira Faces Further Decline at Official and Parallel Markets
Naira Faces Further Decline at Official and Parallel Markets

On Thursday, The Naira has faced a downturn in value, with recorded depreciations in both the official NAFEM (Nigerian Autonomous Foreign Exchange) window and the parallel market.

The official rate dropped to N1,459.73 per dollar, falling by N38.67 from Wednesday’s rate of N1421.06 per dollar, while the parallel market experienced a more modest decline from N1,450 to N1,455.

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At the same time with this depreciation, the foreign exchange market witnessed a significant reduction in daily turnover, rapidly declining by nearly half to $84.38 million.

Additionally, the highest spot rate observed on Thursday stood at N1,465, with the lowest spot rate recorded at N1,331.

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