Naira depreciates greatly against dollar in one day

The Naira depreciated massively against the dollar in the foreign exchange market.

FMDQ data showed that the Naira weakened significantly to N1561.98 against the dollar on Wednesday from N1532.58 traded on Tuesday.

This represents an N29.4 against the dollar compared to the N1532.58 traded on Tuesday.

Similarly, at the parallel foreign exchange market, the Naira fell to N1560 per dollar on Thursday from N1540 the previous day.

Further analysis showed that the Naira lost N29.4 and N20 against the dollar on Thursday at both official and parallel foreign exchange markets.

The figure surpassed the N22.91 depreciation traded from last Friday to Wednesday.

The implication is that the country’s currency had continued its depreciation streak racing to near N2000 per dollar.

The development comes despite the increase in Nigeria’s external reserves which stood at $34.66 billion as of July 4, 2024.

The most recent time the Naira was near the N2000 per dollar mark was on February 20, 2024, when it traded at N1825.

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