The Naira experienced a decline to N1,415 against the dollar in the parallel market, down from N1,410 recorded on Monday, signaling a worrisome trend in forex trading.
Also, in the Nigerian Foreign Exchange Market (NAFEM), the Naira weakened to N1,416.57 per dollar, as reported by data from FMDQ, indicating a significant depreciation compared to Monday’s rate of N1,354.21 per dollar.
The widening gap between the parallel market and NAFEM rates, now at N1.57 per dollar, raises concerns over currency stability and economic implications.
