On Friday, the Nigerian naira fell against the US dollar in both the parallel and official markets.

Parallel Market

* Naira depreciated by 1.54% to ₦1,320/$
* Buying rate: ₦1,260
* Selling rate: ₦1,320
* Profit margin for BDC operators: ₦60

Official Market

* Naira depreciated by 2.24% to ₦1,339.23/$
* Dollar traded between ₦1,051 and ₦1,410 on FMDQ Exchange

**Stakeholder Concerns and Calls for Intervention**

The depreciation has prompted concerns from stakeholders, who are urging government intervention to:

* Strengthen the naira
* Stimulate economic growth

**Abuja Chamber of Commerce and Industry (ACCI)**

* President Emeka Obegolu emphasized the need for policies to bolster the naira and foster economic prosperity
* ACCI is holding a roundtable discussion to brainstorm strategies for strengthening the naira
* Recommendations from the discussion will be communicated to relevant authorities for implementation

The government and stakeholders are working together to address currency volatility and support sustainable economic development in Nigeria. CONTINUE READING