The Naira has experienced a significant depreciation against the US Dollar, marking its steepest decline.
The FMDQ data indicated a depreciation in the value of the
Nigerian naira against the US dollar on Thursday. The naira weakened to
N1520.24 against the dollar, depreciating from its previous value of N1512.61.
The value of the naira significantly decreased against the
dollar, reaching its lowest point since May 13, 2024.
The Nigerian naira depreciated by N7.63 against the US
dollar, moving from N1512.61 the previous day to its current value. This
depreciation occurred despite an increase in FX turnover transactions, which
rose from $114.91 million on Wednesday to $173.51 million on Thursday, as
reported by FMDQ data.
The most recent instance of their trading at N1520 per
dollar on the official FX market occurred on May 13, 2024.
In the parallel foreign exchange market, the naira
maintained its exchange rate of N1520 against the dollar on Thursday,
consistent with the previous day’s rate. Consequently, both the official and
parallel foreign exchange rates remained at N1520 per dollar.