November 29, 2023.Thank you for reading this post, don't forget to subscribe!
The Nigerian Naira weakened further by 8.3 per cent or N67.28 on the American Dollar at the Nigeria Autonomous Foreign Exchange Market (NAFEM) on Tuesday, as investors intensified their demand for the greenback ahead of the festive season rush.
Amid a squeeze in the supply of the foreign currency to the market, the value of the local currency closed at N881.88/$1 yesterday compared with the preceding session’s N814.60/$1.
Though the supply of FX into the official market improved by 17.9 per cent or $18.00 million to $118.06 million from $100.06 million quoted on Monday, it was not enough to meet the demand of customers.
In the same vein, the Naira depreciated against the US currency in the parallel market yesterday by N3 to settle at N1,158/$1 compared with the preceding trading day’s rate of N1,155/$1.(www.naija247news.com).