in ECONOMY, NEWS

Naira Depreciates Further Against the US Dollar Due to Increased Demand

Exchange rates decline as demand for dollars rises, leading to a further depreciation of the Nigerian Naira.

On Thursday, April 25, the Nigerian naira experienced an additional depreciation against the United States dollar, Aso Naija Reports.

At the official market, the naira’s value declined to N1,309/$, while it reached N1,420 at the parallel market.

This new exchange rate signifies a depreciation of N90 or 6.8 percent compared to the rate of N1,330 reported by currency traders on Wednesday, April 24.

Bureau de change operators attribute this depreciation to a surge in the demand for dollars.

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