The naira’s woes continued on Wednesday as it fell further against the dollar in the foreign exchange market, with FMDQ data showing a depreciation of N14.54.
According to the data, the naira exchanged for N1625.88 per dollar on Wednesday, down from N1611.34 on Tuesday. The market indices also revealed that the highest exchange rate on Wednesday was N1,640, while the lowest was N1,400.
In the black market, the naira also slumped, closing at N1645 on Wednesday, compared to N1640 on Tuesday. This represents a further decline in the value of the naira.
Meanwhile, foreign exchange transactions dropped to $205.76 million on Wednesday, down from $206.61 million recorded the previous day. This decline in transactions could be a sign of reduced economic activity in the country.
The continued depreciation of the naira has significant implications for the Nigerian economy, including higher prices for imported goods and reduced purchasing power for consumers. The government and economic managers must take urgent steps to address the underlying causes of the naira’s decline and restore stability to the foreign exchange market.
