The naira continued its free fall on the official Investor and Exporter window of the foreign exchange market, closing at N1482.57/$ on Tuesday. On Monday, FMDQ Securities Exchange, which calculates the exchange rate, revised the methodology used to set the rate. He said, “It is not possible to remain profitable with this exchange rate. I am not sure that the parallel rate is the ultimate rate. At some point, we may think about a fair naira rate that is probably between what we see in the parallel market and the official market.

Source: Punch January 31, 2024 10:26 UTC