The Naira took a downturn, reaching N1,305 against the Dollar in the informal market, a noticeable drop from its previous standing at N1,255 per Dollar just a day earlier.
Similarly, within the Nigerian Foreign Exchange Market (NAFEM), the Naira saw a decline, hitting N1,308.52 per Dollar.
According to insights from FMDQ, the indicative exchange rate for NAFEM edged up to N1,308.52 per Dollar, showcasing a significant depreciation of N8.37 for the Naira.
As a result, the gap between the unofficial market and NAFEM rates shrunk to N3.52 per Dollar compared to the previous day’s N45.15 per Dollar.”
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