Yesterday, the Nigerian Naira experienced a significant depreciation, reaching N1,250 per dollar in the parallel market, compared to N1,140 per dollar recorded on Thursday. Similarly, the Naira depreciated in the Nigerian Foreign Exchange Market (NAFEM), dropping to N1,234.49 per dollar.
Data from the Financial Markets Dealers Quotations (FMDQ) revealed that the indicative exchange rate for NAFEM rose to N1,234.49 per dollar from N1,169.99 per dollar the previous Friday, reflecting a N64.5 depreciation for the Naira.
This downward trend underscores the ongoing challenges faced by the Naira in the foreign exchange market, with implications for various sectors of the economy. Investors and analysts are closely monitoring the situation, as fluctuations in the exchange rate can impact inflation, investment decisions, and overall economic stability.