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Naira Plummets to Record Low of N1,510/$ on Black Market
Yesterday, the Naira experienced a depreciation to N1,510 per dollar in the parallel market, compared to N1,505 per dollar last weekend. However, there was an appreciation in the Nigerian Foreign Exchange Market (NFEM) where the Naira strengthened to N1,499 per dollar. Data published by the Central Bank of Nigeria (CBN) indicated that the indicative exchange rate for the Naira dropped to N1,499 per dollar from N1,500 per dollar the previous Friday, resulting in a N1 appreciation for the Naira.
As a result, the margin between the parallel market and NFEM rate widened to N11 per dollar from N5 per dollar last weekend. This fluctuation in exchange rates highlights the volatility of the Naira in the foreign exchange market.
Bodex F. Hungbo, SPMIIM is a multiple award-winning Nigerian Digital Media Practitioner, Digital Strategist, PR consultant, Brand and Event Expert, Tv Presenter, Tier-A Blogger/Influencer, and a top cobbler in Nigeria.
She has widespread experiences across different professions and skills, which includes experiences in; Marketing, Media, Broadcasting, Brand and Event Management, Administration and Management with prior stints at MTN, NAPIMS-NNPC, GLOBAL FLEET OIL AND GAS, LTV, Silverbird and a host of others
