Lagos, Nigeria – The Nigerian Naira continued its downward spiral yesterday, plunging to a new low of N1,595 per dollar in the parallel market. This represents a significant depreciation compared to the previous day’s rate of N1,585 per dollar.
The trend of depreciation was also evident in the official Nigerian Autonomous Foreign Exchange Market (NAFEM) where the Naira closed at N1,596.52 per dollar, indicating a decline from the previous day’s rate of N1,601 per dollar.
Despite this, the volume of dollars traded on NAFEM surged by 51.7% to $93.92 million compared to the $61.9 million recorded on Tuesday. Consequently, the gap between the official and parallel market exchange rates narrowed to N1.52 per dollar.
The persistent devaluation of the Naira has raised concerns among Nigerians and experts alike, as it could exacerbate inflationary pressures and further erode the purchasing power of citizens.
