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14.11℃
Monday, May 6
Meanwhile, the naira’s depreciation persisted in the official market, closing at N1,309.88 to the dollar on Thursday, marking a 12 per cent decline for the week on the Nigeria Autonomous Foreign Exchange Market (NAFEM).
This adjustment reflects an 11.1 per cent increase compared to the previous rate of ₦1,150.16/$ used for Form M applications, resulting in an additional ₦127.366 per dollar required for goods clearance at the port.
However, by Tuesday, the naira’s value further depreciated to N1,300.15 to the dollar, with intra-day trading ranging between ₦1,317 and N1,000.
Traders have observed that the decline in the dollar’s value resulted from market forces, with demand consistently exceeding supply..
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