The Naira had lost a considerable amount of value in relation to the US dollar at the end of business on Friday.
In spite of the Central Bank of Nigeria’s previous actions, FX supply turnover decreased by 74% to $84.10 million at this time.
The Naira fell from N1,498.25 per US dollar on Thursday to N1,537.96 on Friday, according to data from FMDQ.
In relation to the N1,498.25 recorded at the end of trading on Thursday, this signifies a N39.71, or 2.6%, decline.
On Thursday, the Naira was trading at N1,575.00 per US dollar at the Parallel Market; on Friday, it slipped to N1,590.
The volatility in Forex have persisted over the past week. The official foreign exchange market saw Naira trading at N1,534.39 per US dollar on Monday, N1,499.07 on Tuesday, N1503.38 on Wednesday, and N1,498.25 on Thursday. [CONTINUE READING HERE]
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