Naira Records Heavy Fall Against Dollar (SEE EXCHANGE RATE)

Naira Records Heavy Fall Against Dollar (SEE EXCHANGE RATE)

On Wednesday, the official Investor and Exporter forex window witnessed a 17.91% depreciation of the naira, reaching N951.22/$.

This decline was attributed to a 4.94% reduction in dollar supply, decreasing from $142.63m to $135.58m, according to data from FMDQ Securities Exchange.

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The naira experienced a significant loss of N144.49 against the dollar compared to the previous day’s closing rate of N806.73/$. The day began with the naira trading at N828.33/$, reaching a peak of N1159.10/$ and a low of N701.00/$ before settling at N951.22/$ at the close of trading. The total dollar turnover for the day amounted to $135.58m.

Despite the Central Bank of Nigeria’s efforts to stabilize the national currency, the naira continued to exhibit volatility in the market.

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