EFCC Bans Dollar Transactions, Requests Embassies to Bill in Naira

Yesterday, the naira experienced a decline, dropping from N1,240 to N1,260 per dollar in the parallel market. Additionally, in the Nigerian Foreign Exchange Market (NAFEM), the naira depreciated to N890.54 per dollar.

According to data from FMDQ, the indicative exchange rate for NAFEM increased from N874.79 to N890.54 per dollar on Thursday, signifying a depreciation of N15.75 for the naira. As a result, the gap between the official and parallel market exchange rates widened to N369.46 per dollar, up from N365.21 per dollar on Thursday.

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