Naira's Slide Continues Hits N1,405 Against Dollar in Parallel Market
iexclusivenews – In recent trading, the Nigerian Naira has experienced a significant depreciation, reaching a rate of N1,405 to the dollar in the parallel market.
This marks a notable decline from the previous rate of N1,305 to the dollar recorded just the day before.
The depreciation trend extends to the Nigerian Foreign Exchange Market (NAFEM), where the Naira fell to N1,309.88 per dollar.
This is a slight decrease from the rate of N1,308.52 per dollar observed on Wednesday.
MORE NEWS:
Abuja’s Chinese Supermarket Sealed Amidst Discrimination Claims
Data obtained from the Financial Markets Dealers Quotations (FMDQ) reveals that the indicative exchange rate for NAFEM has escalated to N1,309.88 per dollar, signifying a depreciation of N1.36 for the Naira.
This downturn in value has resulted in an increased disparity between the parallel market and NAFEM rates, which now stands at N95.12 per dollar.
The previous day’s margin was significantly lower at N45.15 per dollar, highlighting the rapid pace of the Naira’s depreciation.
ENUGU, (iexclusivenews) -In a pivotal gathering that underscores the commitment to regional development, the South-East…
(iexclusivenews) - In a move that has sent ripples through the cryptocurrency world, the German…
(iexclusivenews) - In a dramatic turn of events, Kenya has become the epicenter of widespread…
(iexclusivenews) - In a startling development that has sent shockwaves through Nigeria's agricultural sector, the…
iexclusivenews reports that the first day of every new month, just like the new year,…
A tanker and several makeshift shops were destroyed by a late-night Saturday fire that rocked…
