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Monday, July 22, 2024
HomeBusinessNaira Depreciates Dramatically Against the Dollar in a Single Day

Naira Depreciates Dramatically Against the Dollar in a Single Day

In the foreign exchange market, the Nigerian naira depreciates dramatically versus the dollar.

According to FMDQ data, the Naira fell sharply against the dollar on Thursday, trading at N1561.98 from N1532.58 on Wednesday.

This marks a N29.4 increase versus the dollar over the N1532.58 transacted on Wednesday.

In the parallel foreign currency market, the Naira plummeted to N1560 per dollar on Thursday, down from N1540 the day before.

Further investigation revealed that the Naira lost N29.4 and N20 against the dollar on Thursday in both official and parallel foreign currency markets.

The number eclipsed the N22.91 devaluation traded between last Friday and Wednesday.

The conclusion is that the country’s currency has continued to depreciate, reaching about N2000 per dollar.

The development comes despite an increase in Nigeria’s external reserves, which were $34.66 billion as of July 4, 2024.

The Naira last traded near N2000 per dollar on February 20, 2024, at N1825.

Sodiq Soda
Sodiq Soda
I’m Sodiq Oluwadamilare Soda, a Web Developer/Web Design also a Graphic Designer.
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