The naira suffered a setback on Tuesday, depreciating to N1,582.09 per dollar at the official foreign exchange market, marking its first decline in two weeks.
According to FMDQ data, the naira lost N11.1, slipping from N1,570.99 on Monday.
In a surprise move, the naira strengthened by N2 on the black market, closing at N1,598 per dollar on Tuesday. This marks the first appreciation since August 2, 2024, when it exchanged at N1,617.08 per dollar.
The depreciation on the forex market is the first bearish trend recorded since the Central Bank of Nigeria introduced the Dutch Auction System last Tuesday. This development raises concerns about the naira’s stability and its impact on the economy.
As the naira’s value fluctuates, businesses and individuals are advised to stay vigilant and adapt to the changing market trends. The Central Bank of Nigeria’s efforts to stabilize the currency will be closely monitored in the coming days.
