The Nigerian Foreign Exchange Market (NAFEM) witnessed a significant blow as the Naira took a dive, hitting a staggering N1,300.15 per dollar. This surpasses the parallel market rate by a notable margin of N45.15.
Data sourced from FMDQ paints a grim picture, revealing a sharp increase in the indicative exchange rate for NAFEM from N1,234.49 per dollar just last week Friday, marking a substantial depreciation of N65.66 for the Naira.
The parallel market didn’t escape unscathed either, as it saw the Naira sliding to N1,255 per dollar from N1,250 per dollar just a day earlier on Monday.
This alarming development widens the gap between the parallel market and NAFEM rates to a staggering N45.15 per dollar, a significant jump from the previous day’s margin of N15.51 per dollar.
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