Naira Continues Downward Slope, Swindling Confidence in the Market

The naira's downward trajectory against the dollar continued on Wednesday, as it lost more ground in the official foreign exchange market.

According to data from the Central Bank of Nigeria (CBN), the naira traded at 1,504.3 per dollar in the Nigerian Foreign Exchange Market (NFEM). This marks a decline of N1.23 from Tuesday's rate of 1,503.07 per dollar.

In contrast, the parallel (black) market showed a slight improvement for the naira, with the currency exchanging at N1,575 per dollar, up from N1,580 on Tuesday.

The continued fluctuations in the exchange rate highlight ongoing challenges in the Nigerian economy, particularly concerning the value of the naira. As these trends unfold, many are closely monitoring the foreign exchange market to understand the potential impacts on the country’s broader financial system.

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