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The Naira has once again, experienced a depreciation to N1,405 per dollar in the parallel market. It spiralled down from N1,305 per dollar recorded on Wednesday. The local currency equally depreciated in the Nigerian Foreign Exchange Market, NAFEM, to N1,309.88 per dollar. Data from FMDQ showed that the indicative exchange rate for NAFEM rose to […]
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The pressure on the Parallel Market (Black Market) Dollar rates continues as the exchange rate differential closes up with the official bank rate. At the Lagos Parallel Market players bought a dollar for N1460 and sold at N1470 on Saturday 3rd February 2024, according to sources at Bureau De Change (BDC). This comes as the […]
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The World Bank has listed the Naira among the worst-performing currencies in Sub-Saharan Africa. The world body stated this in a report titled “Africa’s Pulse: An analysis of issues shaping Africa’s economic future (October 2023 | Volume 28).” It stated that the Naira has weakened by 40% with the mid June 2023 devaluation. The report […]
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