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Naira Continues to Weaken Against Dollar |
The naira has seen further decline against the dollar in the foreign exchange market over the past nine days.
According to FMDQ data, the naira fell to N1510.10 against the dollar on Thursday, down from N1507.83 on Wednesday.
This indicates a N2.27 depreciation compared to the N1507.83 rate the previous day.
In the parallel market as well, the naira dropped to N1520 per dollar on Thursday, from N1505 the day before, marking a N15 loss in value.
Since June 18, 2024, the naira has been on a downward trend against the dollar, trading at N1482.72 per dollar.
The Central Bank of Nigeria has recently halted the use of its Price Verification System Portal for importers.
Consequently, importers holding ‘Form M’ are no longer required to use PVS to obtain forex from the CBN.
Bismarck Rewane, CEO of Financial Derivatives, previously commented that the end of PVS is "positive news for the foreign exchange market," anticipating "some stability in the market now."
