Naira Suffers Fresh Blow, Drops to N1,407/$

The Naira experienced a depreciation yesterday, falling to N1,407 per dollar in the parallel market, compared to N1,400 per dollar the previous Friday.

In the Nigerian Foreign Exchange Market (NFEM), the Naira also declined to N1,364 per dollar, up from N1,361 per dollar last weekend, reflecting a depreciation of N3.

This shift has resulted in an increased gap between the parallel and official exchange rates, now at N43 per dollar, widening from N39 per dollar last week.

Additionally, the interbank turnover at the NFEM saw a significant decrease of 55.5 percent, dropping to N39.6 million from N89.03 million over the weekend.