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HomeFinanceNaira Depreciates to N1,405/$ in Parallel Market as Forex Challenges Persist

Naira Depreciates to N1,405/$ in Parallel Market as Forex Challenges Persist

The Nigerian Naira saw a decline, hitting N1,405 per dollar in the parallel market, down from N1,305 recorded earlier. Similarly, in the Nigerian Foreign Exchange Market (NAFEM), the Naira weakened to N1,309.88 per dollar.

 

According to data from FMDQ, the indicative exchange rate for NAFEM climbed to N1,309.88 per dollar, reflecting a N1.36 depreciation for the Naira.

 

This downward trend widened the margin between the parallel market and NAFEM rates to N95.12 per dollar, highlighting ongoing challenges in the foreign exchange market.

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