Naira Depreciates Against The Dollar Again (See New Rate). The Naira experienced a depreciation to N1,105 per dollar in the parallel market yesterday, down from N1,100 per dollar on Tuesday. This follows an earlier decline to ₦1,100 per dollar on Tuesday from ₦1,080 per dollar the day before.
Reports indicate that the Naira also depreciated in the Nigerian Foreign Exchange Market (NAFEM) to ₦1,148.14 per dollar. However, despite the dip to N1,105 on Wednesday, it appreciated in the NAFEM to N1,072.74 per dollar.
Data from FMDQ revealed that the indicative exchange rate for NAFEM fell to N1,072.74 per dollar from N1,148.14 per dollar on Tuesday, marking a N75.4 appreciation for the Naira. As a result, the margin between the parallel market and NAFEM rates narrowed to N32.26 per dollar from N48.14 per dollar on Tuesday.
In other news, the Oluwo of Iwo, Oba Abdulrosheed Akanbi, criticized the Economic and Financial Crimes Commission (EFCC) over its recent litigation against Nigerians for Naira abuse, deeming it a misplaced priority.
He emphasized the importance of comprehensive enlightenment on Naira handling before enforcing penalties, especially considering the cultural significance of money spraying at events like weddings and burials among the Yorubas and Igbos.
Oluwo advocated for public awareness campaigns to caution individuals and empower the commission to identify and punish offenders effectively.