The Naira experienced a sharp depreciation against the US dollar on February 19, 2024, reaching an intra-day high of N1,712. The domestic currency depreciated by 3.78% to close at N1,598.54 to a dollar at the close of business, data from the NAFEM where forex is officially traded, showed. The parallel market exchange rate has experienced a significant decline, plummeting to a record low of N2040 per Great Britain Pound (GBP), driven by persistent demand pressures that continue to erode the currency’s value. This marks a notable decrease of 5.39% or N110 compared to the N1,930…
Read MoreNAIRA FALLS DEEPER, EXCHANGES FOR N1,712/$, N2,040/£ AT PARALLEL MARKET
