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| Naira Weakens to N1,510, N1,466.31 in Parallel and Official Markets |
Between Thursday and Friday, the dollar to naira rate rose by N40, concluding at N1,426 to a dollar, as reported by the National Autonomous Foreign Exchange Market (NAFEM), the recognized exchange market.
The naira saw further depreciation at the official market, ending at N1,466.31 to a dollar on Friday, as per Daily Trust's findings.
Between Thursday and Friday, the dollar to naira rate rose by N40, concluding at N1,426 to a dollar, as reported by the National Autonomous Foreign Exchange Market (NAFEM), the recognized exchange market.
Recent reports from Daily Trust indicate that the naira's previous gains have been negated after it had strengthened against the dollar, trading below N1000, which provided businesses and the government with some relief.
This downturn followed after the Central Bank of Nigeria (CBN) had implemented several reforms and interventions aimed at stabilizing the exchange rate market.
Additionally, the CBN increased dollar supply to Bureau De Change (BDC) operators to enhance market liquidity.
While the dollar was traded at N1,466.31 at the official market yesterday, it saw a further drop at the parallel market, going for N1,510.
Earlier on Friday, it was traded at N1,450 but ended the day at N1,510 in the street market, commonly known as the black market.
