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Naira Depreciates by 1.95% in Parallel Forex Market

The Naira fell to N1,550 against the dollar in the parallel foreign exchange market yesterday, marking a 1.95 percent decline from the N1,520/$ rate reported on May 13.

Currency traders in Lagos quoted the buying rate at N1,510/$ and the selling rate at N1,550/$, yielding a profit margin of N40.

In contrast, the Naira appreciated by 4.21 percent in the official market, rising from N1,520.4/$ on May 14 to close at N1,459.02 on Wednesday.

According to FMDQ Exchange, which oversees the official market, the dollar traded as high as N1,593 and as low as N1,401 during the day.

This currency fluctuation comes amid a report from the Nigeria Bureau of Statistics (NBS) indicating that inflation surged to 33.69 percent in April 2024.

Meanwhile, the Economic and Financial Crimes Commission (EFCC) has ramped up its crackdown on illegal dollar transactions in Nigeria, warning businesses and individuals against unauthorized foreign currency dealings.

Wilson Uwujaren, the Acting Director of Public Affairs for the EFCC, made this announcement on Channels Television’s program, Politics Today, emphasizing the agency’s strict enforcement of the law.

Uwujaren stated, “The ship has already left the train station. We have started a movement, and we are not going to relent.”

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