Naira's Value Takes a Hit: Depreciation Continues in Foreign Exchange Market
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Naira's Value Takes a Hit: Depreciation Continues in Foreign Exchange Market In a contrasting development, the parallel market saw the Naira strengthen to N1340 per Dollar on Thursday, up from N1360 per Dollar on Tuesday |
The Naira's struggles against the Dollar persist, with a recent decline in value at the foreign exchange market. According to FMDQ data, the Naira's worth dropped to N1402.67 per Dollar on Thursday, a significant decrease from N1,390.96 on Tuesday. This downward trend represents an N11.71 loss, sparking concerns among market watchers.
However, in a contrasting development, the parallel market saw the Naira strengthen to N1340 per Dollar on Thursday, up from N1360 per Dollar on Tuesday. This appreciation offers a glimmer of hope amidst the overall decline.
In response to the Naira's struggles, the National President of the Association of Bureaux De Change of Nigeria, Aminu Gwadabe, has announced plans to harmonize the retail end of foreign exchange. This move aims to stabilize the Naira's value in the forex market, bringing much-needed relief to the nation's economy.
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