Home News Finance Naira Suffers More Depreciation at N1,669/$, After Independence Day Celebration
FinanceNews

Naira Suffers More Depreciation at N1,669/$, After Independence Day Celebration

324
The Naira has suffered a significant depreciation against the US Dollar upon resumption of trading after Nigeria's 64th Independence Day holiday.

The Naira has suffered a significant depreciation against the US Dollar upon resumption of trading after Nigeria’s 64th Independence Day holiday.

Data from the FMDQ Securities Exchange showed that the currency weakened sharply to N1,669.19 per dollar today, a steep fall from N1,541.94 on Monday. This represents a loss of N127.25 against the Dollar, further worsening the naira’s long-standing instability.

Meanwhile, in the parallel market, the Naira slightly recovered, gaining N10 to close at N1,690 per dollar on Wednesday, compared to the N1,700 rate recorded before the holiday.

The sharp decline in the official rate comes from months of continued fluctuations in Nigeria’s foreign exchange market.

Read Also:

Recall that the Central Bank of Nigeria (CBN) raised its benchmark interest rate to 27.25%.

On September 28, West Africa Weekly reported that the naira reached a record low of N1,667.42/$.

The recent developments have reignited concerns about the state of the economy, despite President Bola Ahmed Tinubu’s call for patience with his economic policies during his Independence Day address.

The naira’s slide began last year after the CBN floated the currency in June 2023, resulting in its continuous devaluation.

In the official market, the naira fell further by 0.54% on Wednesday, closing at N1,658.48, compared to Tuesday’s N1,653.27. The decline intensified following the CBN’s latest monetary policy adjustments.

About The Author

Leave a comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Related Articles

CultureFinanceOpinion

Côte d’Ivoire’s Economic Turnaround And Its Impact On West Africa

Cote d’Ivoire has undergone a remarkable economic resurgence following two civil wars...

NewsSecurity

Burkinabè Army Kills Terrorist Leader Khalidou in Targeted Strike

The Burkinabè army has eliminated terrorist leader Khalidou in a precision airstrike,...

Natasha Petition Recall
News

Recall Petition Against Senator Natasha Fails to Meet Constitutional Requirement – INEC

The Independent National Electoral Commission (INEC) has announced that the petition seeking...

USAID Missions
FinanceNewsWorld

Trump Imposes Tariffs on Nigeria, Other African Nations

The United States has imposed a 14 per cent tariff on Nigerian...