The Nigerian currency experienced a further decline against the dollar, with increased demand in the parallel market.
On Friday, the dollar traded at N765 compared to the previous day’s rate of N763.
The depreciation was driven by rising demand for dollars for travel allowances and school fees.
At the Investors and Exporters (I&E) forex window, the naira depreciated by 1.02%, with the dollar quoted at N469.50.
Currency traders in the foreign exchange auction maintained bids between N460/$1 and N476.50/$1.
Despite a decline in market liquidity, the naira remained steady at N464.67 per dollar at the Investors’ and Exporters’ forex window.
President Bola Ahmed Tinubu expressed plans for a single exchange rate in his inaugural speech, aiming to redirect funds toward productive investments. However, the foreign exchange unification process has lacked consistency, according to Muda Yusuf, CEO of the Centre for the Promotion of Private Enterprise.
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