Economy
Naira’s Slide Continues As It Crashes In Parallel Market ‘What’s Next For Nigeria? Today 25th October 2024
Naira’s Slide Continues As It Crashes In Parallel Market ‘What’s Next For Nigeria? Today 25th October 2024
The Naira weakened to N1,739 per dollar in the parallel market on Thursday, dropping from N1,735 per dollar recorded the previous day……..CONTINUE READING
However, the Naira showed gains in the Nigerian Autonomous Foreign Exchange Market (NAFEM), appreciating to N1,601.2 per dollar. Data from FMDQ indicated that the indicative rate for NAFEM dropped to N1,601.2 per dollar from N1,654.09 per dollar on Wednesday, reflecting an improvement of N52.89.
Meanwhile, dollar trading volume in the official market surged by 69 percent, with $230.99 million exchanged on Thursday, compared to $136.68 million on Wednesday.
As a result, the gap between the parallel market and NAFEM widened to N137.8 per dollar, up from N80.91 per dollar the previous day.
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