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HomeEconomyNaira Depreciates to N1,105 Per Dollar in Parallel Market

Naira Depreciates to N1,105 Per Dollar in Parallel Market

 

The Nigerian Naira witnessed contrasting movements, with the parallel market experiencing a depreciation to N1,105 per dollar while the Nigerian Foreign Exchange Market (NAFEM) showcased resilience, seeing the Naira appreciate to N1,072.74 per dollar.

 

Data analysis from FMDQ revealed a noteworthy decline in the indicative exchange rate for NAFEM, marking a substantial appreciation for the Naira against the dollar. This shift indicates a dynamic landscape in Nigeria’s forex markets, with implications for various sectors of the economy.

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The narrowing margin between the parallel market and NAFEM rates, now at N32.26 per dollar, compared to N48.14 per dollar previously, underscores evolving trends in currency valuation and market dynamics. These fluctuations could impact businesses, investors, and consumers alike, prompting the need for a deeper understanding of the factors driving these changes.

 

As stakeholders monitor these developments closely, it becomes imperative to assess the potential implications on economic stability, trade competitiveness, and investment strategies. Stay tuned for further insights into the evolving forex landscape and its ramifications for Nigeria’s financial ecosystem.

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