July 25, 2024
Naira Falls To 1,530 Per Dollar On Parallel Market As Dollar Shortage Intensifies
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Naira Falls To 1,530 Per Dollar On Parallel Market As Dollar Shortage Intensifies

The naira continued to fall on Tuesday across the foreign exchange, FX, market, depreciating to a low of 1,530 per dollar on the parallel market, also known as the black market.

This fall represents 0.98 percent, or a loss of N15/$1 depreciation compared to N1,515 quoted on Monday on the black market.

The current naira depreciation, after the gains in April, has been attributed to a shortage of dollars occasioned by the repatriation of funds by foreign portfolio investors, FPIs.

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FX trading at the Nigerian Autonomous Foreign Exchange Market, NAFEM, saw a depreciation in the value of the Naira by 0.79 percent as the dollar was quoted at N1,478.11 on Monday, weaker than N1,466.31 quoted on Friday.

Dollars supplied by willing sellers and willing buyers increased significantly by 91.28 percent to $217.64 million on Monday from $113.78 million recorded on Friday.

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