The Nigerian naira experienced a significant decline yesterday, falling to N1675.49 against the US dollar at the official foreign exchange market.
This depreciation represents a N44.32 loss compared to Wednesday’s exchange rate of N1631.17. Data from FMDQ revealed the naira’s downward trend.
At the parallel market, also known as the black market, the naira maintained its previous rate of N1750 per dollar. This stability is notable, given the fluctuations in the official market.
Despite the naira’s decline, foreign exchange transactions increased to $166.61 million, surpassing Wednesday’s total of $128.98 million. This surge in activity highlights the ongoing demand for foreign currency.
The naira’s depreciation raises concerns about the nation’s economic outlook. As the Central Bank of Nigeria continues to navigate monetary policy, market observers will closely watch the currency’s performance.
