The naira experienced a historic low of N1,530 against the dollar in the parallel market, indicating a 4.08% decline from the previous day’s rate of N1,470/$. Bureau De Change operators listed buying at N1,510 and selling at N1,530. The surge is attributed to increased dollar demand.
In contrast, on the Nigerian Autonomous Foreign Exchange Market (NAFEM), the naira appreciated by 1.82% to N1,455.59 compared to the previous day’s rate of N1,482.7.
Addressing concerns about the naira’s depreciation, the Senate committee on banking summoned the Central Bank of Nigeria (CBN) governor, Olayemi Cardoso. In response, the CBN introduced new measures for banks to manage foreign exchange risks and prevent losses.
