Foreign Exchange Market Update: Naira Falls Against Dollar
Recent data indicates a decline in the value of the Naira relative to the US Dollar in the foreign exchange market.
According to FMDQ figures, the Naira slipped to N1402.67 per Dollar on Thursday, down from N1,390.96 reported on Tuesday.
This reflects a loss of N11.71 compared to the Tuesday rate of N1,390.96.
Conversely, the Naira saw some gains at the parallel market, climbing to N1340 per Dollar on Thursday from N1360 per Dollar on Tuesday.
Reports from NewsNow quote Aminu Gwadabe, the National President of the Association of Bureaux De Change of Nigeria, who expressed confidence that the organization's efforts to streamline retail foreign exchange operations will contribute to the stabilization of the Naira in the forex market.