Naira Experiences Significant Depreciation Against Dollar After Independence Day
The Naira saw a sharp decline against the Dollar at the foreign exchange market following the resumption of trading after Nigeria’s 64th Independence Day holiday.
According to FMDQ data, the Naira weakened to N1669.19 per dollar on Wednesday, down from N1541.94 on Monday. This marks a loss of N127.25 compared to Monday’s exchange rate of N1541.94.
However, in the parallel market, the Naira gained N10, closing at N1690 per dollar on Wednesday, an improvement from the N1700 rate recorded on Monday.
DAILY POST reports that the Naira had already depreciated slightly against the Dollar on Monday.
For several months, the Naira has experienced continuous fluctuations against the Dollar and other foreign currencies.
In his Independence Day speech, President Bola Ahmed Tinubu urged Nigerians to remain patient with his economic policies.
On June 14 last year, the Central Bank of Nigeria floated the Naira at the FX market, which resulted in a significant drop in the value of the country’s currency.
