The downward trajectory of the naira on both the official and parallel FX market continued for the third consecutive day.
Specifically, on the Nigerian Autonomous Foreign Exchange (NAFEM) window, the naira closed at N1,308.52/$ on Wednesday, compared with the N1,300/$ it closed on Tuesday.
Also, on the parallel FX market, the naira depreciated to N1,300/$ on Wednesday, lower than the N1,270/$ it was on Monday.
However, daily turnover on the NAFEX surged by 47.8 percent to reach $197.54 million on Wednesday, compared to $133.65 million recorded on Tuesday.
Nume Ekeghe and Kayode Tokede
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