Naira Weakens Against Dollar In Official Exchange

Naira Weakens Against Dollar In Official Exchange

The Nigerian naira experienced a notable depreciation in the official market on Wednesday, trading at ₦1,669.15 to the dollar. Data from the FMDQ Exchange, which oversees the Nigerian Autonomous Foreign Exchange Market, revealed that the naira fell by ₦127.21, representing an 8.24% decline from the previous trading session on Monday, September 30, when it was valued at ₦1,541.94 to the dollar…….CONTINUE READING 

In addition to the naira’s decline, total daily turnover in the foreign exchange market also decreased, dropping to $176.45 million on Wednesday from $181.86 million recorded on Monday. This decline in turnover underscores the ongoing challenges facing the foreign exchange market.

At the Investor’s and Exporter’s window, the naira fluctuated between ₦1,699 and ₦1,550 against the dollar, highlighting the volatility in exchange rates. These fluctuations have raised concerns among investors and stakeholders regarding the impact of currency depreciation on Nigeria’s broader economic landscape.

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