Naira Falls to N1,405 Per Dollar in Parallel Market

The Nigerian naira has weakened further, exchanging at N1,405 per US dollar in the parallel market, compared to N1,389 per dollar recorded on Tuesday.

The currency also depreciated in the Nigerian Foreign Exchange Market (NFEM), where the exchange rate moved to N1,361.5 per dollar from N1,356.5 per dollar, representing a loss of N5.

The gap between the parallel and official exchange markets narrowed to N43.5 per dollar, compared to N32.5 per dollar previously.

Meanwhile, trading activity at the NFEM dropped significantly, with turnover falling by 56.8 percent to N54.3 million from N125.7 million recorded the previous day.

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