The opening of the week brought further devaluation for the Nigerian naira, as it slid to N1,210 per US dollar in the parallel market. This represented a drop from its closing rate of N1,170 the previous week.
Simultaneously, in the Nigerian Autonomous Foreign Exchange Market (NAFEM), often known as the Importers and Exporters window, the naira witnessed a substantial 5.4% depreciation last week, settling at NGN808.27 for a dollar.
Traders operating in the parallel market have attributed the ongoing devaluation of the naira to a persistent scarcity of the US dollar in the market.
