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Naira falls further in parallel market, hits N1,535 per dollar

The Naira continued its downward spiral on Thursday, depreciating to N1,535 per dollar in the parallel market, down from N1,520 per dollar on Wednesday.

In the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira also weakened, trading at N1,520.24 per dollar compared to N1,512.61 per dollar the previous day.

This marks a N7.63 depreciation for the Naira in this market segment.

Data from FMDQ revealed a significant increase in market activity, with the turnover rising by 51 percent to $173.51 million from $114.91 million on Wednesday.

As a result, the margin between the parallel market and NAFEM rates widened, now standing at N14.76 per dollar, up from N7.39 per dollar the previous day.

The continued depreciation of the Naira underscores ongoing challenges in Nigeria’s foreign exchange market, raising concerns about the stability and strength of the local currency amidst economic pressures.

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