Naira Exchange Rate Falls

Recent Exchange Rate Movements: Naira’s Divergent Performance in Markets On Thursday, the Nigerian naira saw mixed results in the foreign exchange markets.

In the parallel market, the naira depreciated to N1,030 per US dollar, up from N1,010 per dollar the previous Wednesday.Conversely, in the Investors and Exporters (I&E) window, the naira showed strength, appreciating to N759.2 per dollar.

Data sourced from FMDQ revealed that the indicative exchange rate for the I&E window dropped from N776.8 to N759.2 per dollar, signifying a noteworthy N17.16 appreciation for the naira.As a result, the gap between the official and parallel market exchange rates widened to N270.8 per dollar on Thursday, compared to N233.2 per dollar on the previous Wednesday.

These fluctuations in the naira’s value are closely watched by investors and have economic implications for the nation.

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