Naira Plunges to N1,395 Against the US Dollar on the Black Market
The Naira's value plummeted to N1,395 per dollar in the parallel market, a notable decline from N1,386 per dollar last Friday, according to recent exchange rate data.
nIn a similar vein, the Nigerian Foreign Exchange Market, NFEM, witnessed a depreciation of the naira to N1,385 per dollar.
nFigures released by the Central Bank of Nigeria, CBN, revealed that the indicative exchange rate in the market increased to N1,385 per dollar, up from N1,384 per dollar last weekend, resulting in a N1 depreciation of the naira.
nThe disparity between the parallel and official markets expanded to N9 per dollar, a significant increase from the N2 per dollar difference recorded last Friday.
nThe interbank turnover at NFEM experienced a substantial surge of 80.3 per cent, reaching N223.9 million, up from N124.2 million last weekend.
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