After a few days of rally last week, the naira crashed further at the parallel market yesterday, as activities of speculators weakened the currency further to N1630/$1.
Last week, the naira witnessed four consecutive days of exchange rate appreciation since the Central Bank of Nigeria (CBN) migrated to the Enhanced Foreign Exchange Market System (EFEMS) platform.
However, since the market opened this week, the gains have been eroded with the naira fast depreciating at the parallel market, despite showing steady gain at the Nigerian Autonomous Foreign Exchange Market (NAFEM).
EFEMS was introduced by the CBN to improve transparency and efficiency in Nigeria’s forex market. The platform requires all FX transactions to be priced through the…
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