The Naira’s value drops further against the dollar in the parallel market. Discover the reasons behind this decline and its economic impact.

The Naira lost value on Monday in the parallel market, falling to N1,555 per dollar from N1,545 per dollar on Friday.

The value of the Naira also decreased on the Nigerian Autonomous Foreign Exchange Market (NAFEM), where it now trades for N1,577.29 per dollar, down from N1,563.8 per dollar on Friday of last week. The Naira’s value has decreased by N13.49 as a result.

Read Also: Cholera Outbreak Forces Closure of Lagos Food Market

With a turnover of $153.53 million, up 21.3 percent from $126.5 million transacted on Friday, the amount of dollars moved in the market climbed dramatically, according to data from FMDQ.

Consequently, the difference between the NAFEM prices and the parallel market stayed at N18.8 per dollar, unchanged from the previous week.