On Friday, April 19, the Nigerian Naira experienced a significant depreciation against the US Dollar in both the parallel market and the Nigerian Autonomous Foreign Exchange Market (NAFEM). In the parallel market, the Naira fell to N1,140 per dollar from N1,060 per dollar on Thursday, April 18.
Similarly, in the NAFEM, the Naira depreciated to N1,169.99 per dollar, according to data from the Financial Markets Dealers Quotations (FMDQ). This marked an increase from the previous rate of N1,154.98 per dollar on Thursday, indicating a N15.01 depreciation for the Naira.
The Naira's performance in the forex market saw an intraday high of N1,236 per dollar and an intraday low of N1,021 per dollar, resulting in a margin of N215. These fluctuations reflect ongoing challenges facing the Naira and Nigeria's foreign exchange market.
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