The Nigerian naira weakened by 1.32% to N1,520/$ on the black market amid heightened travel demand. Meanwhile, at NAFEM, it traded at N1,507.83/$, down 0.47%. The CBN's decision to end the Price Verification System Portal aims to streamline forex operations amid market fluctuations.
The Nigerian naira depreciated by 1.32% against the US dollar on Thursday, with rates reaching N1,520/$ on the parallel market, compared to N1,500/$ the previous day. Demand surged due to travel needs, influencing market dynamics. Meanwhile, at the NAFEM, the dollar traded at N1,507.83, reflecting a 0.47% loss. The CBN's discontinuation of the Price Verification System Portal from July 1 aims to manage forex market challenges.
