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The Nigerian naira has depreciated against the US dollar in both the parallel market and the Nigerian Foreign Exchange Market (NFEM). In the parallel market, the naira fell to N1,565 per dollar from N1,560 per dollar last weekend, while in the NFEM, it depreciated to N1,529.5 per dollar from N1,528.5 per dollar.
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According to data from the Central Bank of Nigeria, the naira’s depreciation in the NFEM represents a N1 loss in value. The margin between the parallel market and NFEM rates has widened to N35.5 per dollar from N31.5 per dollar last week.
The current exchange rates are:
– Parallel market: N1,565 per dollar
– NFEM: N1,529.5 per dollar
The widening margin between the two rates may have implications for the Nigerian economy, including increased demand for dollars in the parallel market
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Jonathan Nwokpor
