The Naira depreciated to ₦1,405 per US$ in the parallel market on Thursday. Nigeria’s currency which enjoyed rapid appreciation in recent weeks has been on a decline in the current week.
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Vanguard reported that It dropped by ₦100 in a day, from ₦1,305 per US$ on Wednesday to ₦1,405.
In the Nigerian Foreign Exchange Market (NAFEM), it depreciated to ₦1,309.88 per US$ on Thursday, down from ₦1,308.52 per US$ on Wednesday.
FMDQ Exchange data shows that the Naira exchanged for a low of ₦1,100.00 and a high of ₦1,435.00.
Naira rates, an automated platform on X (formerly Twitter) quoted the exchange rate on the parallel market as at 11.00am on Thursday as ₦1,360.415 per US$.
Thu 25 Apr, 2024 • 11:00 AM
💵 1 USD ⇛ ₦1,360.415
💷 1 GBP ⇛ ₦1,654.688
💶 1 EUR ⇛ ₦1,441.102
💶 1 CAD ⇛ ₦980.034
v1.2.1— ₦aira Rates (@naira_rates) April 25, 2024
Nnamdi Maduakor is a Writer, Investor and Entrepreneur
