Naira’s Value Plummets Against Dollar in Foreign Exchange Market
The Nigerian naira has continued its downward spiral against the US dollar, with the latest data from the Financial Markets Dealers Quotations (FMDQ) showing a significant depreciation. On Wednesday, the naira fell to N1625.88 per dollar, a N14.54 drop compared to the previous day’s rate of N1611.34.
This decline is not limited to the official foreign exchange market. The black market also saw the naira slump, closing at N1645 on Wednesday, a N5 increase from the previous day’s rate of N1640. The market indices revealed that the highest exchange rate on Wednesday was N1,640, while the lowest was N1,400.
Foreign exchange transactions also took a hit, with the value dropping to $205.76 million on Wednesday, a decrease of $0.85 million from the previous day’s total of $206.61 million.
The continued depreciation of the naira against the dollar is a cause for concern, particularly for individuals and businesses that rely heavily on foreign exchange transactions. The trend is likely to have a ripple effect on the economy, making it more challenging for people to access essential goods and services.
As the situation continues to unfold, it remains to be seen how the government and central bank will respond to stabilize the currency. For now, the naira’s value remains uncertain, leaving many wondering what the future holds for the country’s economy.
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