May 16, 2023.
Azonuchechi Chukwu.
The Naira depreciated against the US Dollar in the parallel market, and the Investors and Exporters (I&E) segments of the foreign exchange market on Monday, May 15, as FX liquidity squeeze and rising inflation bite harder on the citizens.
At the I&E segment of the market, the local went south by N1.67 or 0.36 per cent to trade at N464.00/$1 compared with the preceding session’s value of N462.33/$1 despite the value of forex transactions going down by 65.9 per cent or $106.81 million.
In the black market, the domestic currency tumbled against the Dollar yesterday by N2 to sell at N743/$1, in contrast to the previous trading day’s rate of N741/$1.(www.naija247news.com).
