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The Naira continued its downward trend in the foreign exchange market, depreciating to N1,655 per dollar in the parallel market on Thursday, a drop from the N1,645 per dollar rate recorded on Wednesday. The local currency also weakened in the Nigerian Autonomous Foreign Exchange Market (NAFEM), falling to N1,649.76 per dollar compared to N1,558.75 the previous day, showing a significant N91.01 depreciation.
According to data from FMDQ, the margin between the parallel market and NAFEM rates has dramatically narrowed to N5.24 per dollar, a sharp decrease from the N86.25 margin observed the day before. This depreciation in both markets reflects ongoing challenges in Nigeria’s foreign exchange environment.
