Naira Depreciates against Dollar, Closes Week on a Down Note
In a surprising turn of events, the Nigerian naira recorded its first depreciation against the US dollar in two weeks on Tuesday. According to FMDQ data, the naira dropped to N1,582.09 per dollar on Tuesday, losing N11.1 compared to Monday’s rate of N1,570.99.
Despite this slump, the naira showed a glimmer of resilience on the black market. The exchange rate strengthened by N2, closing the day at N1,598 per dollar, compared to N1,600 the previous day. This marked the first appreciation on the black market since August 2, 2024, when the rate stood at N1,617.08 per dollar.
Interestingly, this marked the first bearish trend recorded on the forex market since the Central Bank of Nigeria launched its Dutch Auction System last Tuesday.
Stay tuned for more updates on the foreign exchange market in Nigeria.
