Amid economic uncertainties, the Nigerian Naira has depreciated to N1,415 per dollar in the parallel market, while in the Nigerian Foreign Exchange Market (NAFEM), it stands at N1,416.57. This decline reflects ongoing challenges in the economy, impacting exchange rate stability and financial market dynamics.
Amidst growing economic uncertainties, the Naira experienced a notable depreciation, dropping to N1,415 per dollar in the parallel market, compared to its previous standing at N1,410 per dollar on Monday.
Similarly, within the Nigerian Foreign Exchange Market (NAFEM), the Naira witnessed a decline to N1,416.57 per dollar, as per data from FMDQ. This considerable depreciation, amounting to N62.36 in the NAFEM, underscores the currency's vulnerability and poses challenges to economic stability.
Moreover, the narrowing margin between the parallel market and NAFEM rates, shrinking to N1.57 per dollar from N55.79 per dollar, reflects the intensifying pressure on the Naira and raises concerns about its future trajectory.
As stakeholders monitor these developments, there's a pressing need for strategic interventions to address underlying economic issues and bolster confidence in the Naira.
![Today's Naira Rate [13-12-2024]: Naira Depreciates by N68 in Parallel Market, Reaches N1,668/$](/data/attachments/211/211350-ab8e333dd43ebe3477e5b60cb8531367.jpg?hash=hFfFcRmkeL)
