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The naira has continued to fall as it exchanged for the dollar at the black market at the rate of 1,005/$ and 1,025/$.

This was following rising demand for the greenback on the parallel segment of the foreign exchange (FX) market, also called black market, representing 0.19% weaker than N1,008/$1 exchanged on Monday on the same market.

The Naira on Monday resumed depreciation against the dollar, after exchanging steady for four trading days at the parallel market.

At the Investor’ and Exporters’ (I&E) forex window, the naira depreciated by 4.27% as the dollar was quoted at N773.54 on Monday as against N741.85 on Friday and compared to N775.20 quoted on Thursday, data from the FMDQ showed.

This is despite an increase in the daily FX market turnover by 74.39% to $96.58 million as of Monday, October 9, 2023, from $55.38 million recorded on Friday.

With the continuous decline, manufacturers will struggle to get raw materials, with more companies planning to sack their staff or liquidate.

 

Writing by Julian Osamoto; Editing by Tony Okerafor

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