“Naira Dips To 1510/$ In Unofficial Market As World Bank Flags It Among Africa’s Weakest Currencies”

“Naira Dips To 1510/$ In Unofficial Market As World Bank Flags It Among Africa’s Weakest Currencies”

Yesterday saw the naira’s value drop to N1,510 against the dollar in the unofficial market, a decrease from N1,485 recorded on Monday. Meanwhile, in the Nigerian Foreign Exchange Market (NAFEM), the naira experienced an uptick to N1499.07 per dollar…..READ MORE

Data sourced from FMDQ revealed a decline in the indicative exchange rate for NAFEM to N1,499.07 per dollar, down from N1,534.39 per dollar observed on Monday, marking a N35.32 appreciation for the naira.

Consequently, the disparity between the official and unofficial market exchange rates narrowed to N10.93 per dollar yesterday, compared to N49.39 per dollar on Monday.