Naira Plunges Sharply vs. Dollar Just A Day After Presidential Praise

Published September 13, 2024 at 8:34 AM

Naira Plunges Sharply vs. Dollar Just A Day After Presidential Praise

On Thursday, the Naira experienced a significant depreciation against the Dollar in both official and parallel foreign exchange markets. According to FMDQ data, the Naira fell to N1,649.76 per Dollar, down from N1,558.75 the previous day. This marks a 91.01 naira decline compared to Wednesday’s rate.

Analysis revealed that while the Naira gained N81 on Wednesday, it lost 91.01 naira on Thursday. Additionally, at the black market, the Naira depreciated by N5, trading at N1,655 per Dollar on Thursday, up from N1,650.

This decline follows a day after Bayo Onanuga, a media aide to President Bola Ahmed Tinubu, celebrated the Naira’s achievement of the N1,558 per Dollar mark. On Wednesday, Onanuga highlighted that the Naira had reached its strongest level against the Dollar since August 21. The reported gain was attributed to the government’s successful $900 million domestic sale of Dollar-denominated bonds.