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Naira’s Value Drops Against Dollar, Impacting Forex Market – NewsNow Nigeria



In a negative start to the week, Nigeria’s currency depreciated against the Dollar in the foreign exchange market.

According to FMDQ statistics, the Naira ended the day on Monday at N993/$1, which showed a significant decline from the N789.94/$1 recorded on Friday.

In addition, the market witnessed a 66% decrease in turnover, with $88.3 million traded compared to the $259.8 million on Friday.

Moreover, the parallel market saw the Naira exchange at N1200/$1 on Monday, compared to N1113/$1 on Friday.

Addressing the forex crisis, the Minister of Finance, Wale Edun, announced last week that the country would soon receive a $10 billion inflow in foreign currency.

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