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The Nigerian Naira has seen a significant decline in both the parallel and official foreign exchange markets, leading to a narrowed margin of N11.15 per dollar, down from N20.33 per dollar last weekend.
FMDQ data indicates that the Nigerian Autonomous Foreign Exchange Market (NAFEM) experienced a rise in the indicative exchange rate to N1,523.85 per dollar, reflecting a N14.18 drop for the naira.
Despite a 14.2% decrease in dollar trading volume, the naira’s depreciation persists, highlighting the ongoing challenges faced by Nigeria’s foreign exchange market.
This situation raises concerns over the effectiveness of the Central Bank’s intervention measures, as the currency continues to struggle against the US dollar.
Peoplesmind
