The naira came under intense pressure on Wednesday, leading to a significant depreciation as it fell to N990 to a dollar at the parallel market segment of the foreign exchange market, compared to the N950 to a dollar it traded the previous day.

On the other hand, on the official Investors and Exporters’ (I&E) FX Window, the nation currency appreciated marginally to N771/$1, compared to N777/$1 from the previous day. The weakening of the naira to a record low took place on a day the Chairman, Revenue Mobilization Allocation and Fiscal Commission (RMAFC), Mohammed Bello Shehu, on Wednesday, disclosed that about N5.24 trillion accrued into the federation account between January and June 2023. However, with the parallel market at N990/$1 and the official I&E window closing at N771, the gap between the official and parallel market has widened to N219.

Source : Arise News


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