Business
Naira crashes massively against dollar
The Nigerian Naira experienced a further depreciation against the United States Dollar in the parallel market on Thursday. Reports indicate that on January 4, the Naira declined to N1,240 per US Dollar, compared to the previous day’s rate of N1,235 per dollar.
Conversely, the Naira showed improvement in the Nigerian Foreign Exchange Market (NAFEM), reaching N895.23 against the US Dollar. This development widened the gap between the official and parallel market exchange rates to N344.77 per dollar, marking a significant increase from N199.88 per dollar recorded on Wednesday.
Data sourced from FMDQ revealed a noteworthy appreciation for the Naira, with the indicative exchange rate for NAFEM falling to N895.23 per dollar from the previous day’s rate of N1,035.12 per dollar, indicating an appreciation of N139.77 for the Naira.
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