Naira Slips Against The Dollar Once Again, Reaching New Rate

Naira Slips Against The Dollar Once Again, Reaching New Rate

In another turn of events, the Naira experienced a depreciation in the parallel market, dropping to N1,105 per dollar from N1,100 per dollar just a day prior…..READ ALSO Seun Jimoh: EFCC Scapegoating Celebrities In Naira Abuse Crackdown

This decline follows a trend of fluctuations, as previously reported by Naija News, where the Naira dipped to ₦1,100 per dollar on Tuesday from ₦1,080 per dollar the day before.

Similarly, reports indicate that the Naira also saw a decrease in value in the Nigerian Foreign Exchange Market (NAFEM), reaching ₦1,148.14 per dollar.

However, amidst the decline to N1,105 on Wednesday in the parallel market, there was a contrasting appreciation in the Nigerian Foreign Exchange Market, with the Naira strengthening to N1,072.74 per dollar.

Data sourced from FMDQ reveals that the indicative exchange rate for NAFEM dropped to N1,072.74 per dollar from N1,148.14 per dollar on Tuesday, marking a notable N75.4 appreciation for the Naira.

Consequently, the margin between the parallel market and NAFEM rates narrowed to N32.26 per dollar from N48.14 per dollar the previous day.

In another development, the Oluwo of Iwo, Oba Abdulrosheed Akanbi, criticized the recent litigation efforts by the Economic and Financial Crimes Commission (EFCC) against Nigerians for abusing the Naira, labeling it as a misplaced priority. He advocated for comprehensive public enlightenment on proper naira handling before enforcing penalties, emphasizing the cultural significance of practices like spraying money at ceremonies among the Yorubas and Igbos.

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