The Nigerian Naira has weakened further against the US Dollar in the official foreign exchange market.
The Naira has kept on weakening against the US Dollar in both the official and the parallel forex markets of Nigeria. This recent depreciation is perhaps the biggest so far in recent days. The Nigerian forex market is under immense pressure especially when it comes about the repatriation of earnings by foreign companies.
In the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira bought N1,670.65 per US Dollar on Monday, 29th October. This is in tandem with the drop in bank and related entities’
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ADACHE DANIEL
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