June 6, 2023.Thank you for reading this post, don't forget to subscribe!
The Naira depreciated again at the parallel market segments of the foreign exchange (FX) market but remained flat at the Investors and Exporters (I&E) window on Monday, June 5.
Some analysts attributed the downfall of the Naira value in the black market to the reaction of the Central Bank of Nigeria (CBN) to talks of the devaluation of the local currency last week.
In the parallel market, the domestic currency lost N3 against the Dollar yesterday to close at N750/$1, in contrast to the previous trading day’s rate of N747/$1.
But in the official market, the exchange rate of the Naira to the US Dollar remained unchanged at N464.67/$1, as the value of forex transactions weakened by 21.7 per cent or $21.42 million to $77.48 million from $98.90 million.(www.naija247news.com).