Connect with us

Business

Currency Crisis: Naira Crashes As Dollar Dominates

Published

2 years ago

October 3, 2024

Ireporteronline

Currency Crisis: Naira Crashes As Dollar Dominates

On Wednesday, the Nigerian naira experienced a sharp depreciation in the official market, falling to ₦1,669.15 against the dollar. According to data from the FMDQ Exchange, which oversees the Nigerian Autonomous Foreign Exchange Market, the naira lost ₦127.21 in value, representing an 8.24 percent decline from its previous rate of ₦1,541.94 on Monday, September 30.

The naira’s depreciation was accompanied by a drop in daily turnover in the foreign exchange market, which fell to $176.45 million on Wednesday, compared to $181.86 million recorded earlier in the week. This decrease in turnover underscores the ongoing difficulties faced by the foreign exchange market.

In the Investor’s and Exporter’s window, the naira traded between ₦1,699 and ₦1,550 against the dollar, highlighting the currency’s volatility. These fluctuations continue to cause concern among investors and stakeholders as Nigeria navigates the economic challenges posed by its depreciating currency.

Related Topics:Currency