Naira’s depreciation against the dollar hit its lowest point since March 2024 on Tuesday.
The Naira depreciated further against the US Dollar on
Tuesday, closing at N1,621.12 per dollar, a decline of N9.72 compared to the
previous day’s exchange rate of N1,611.40.
On Tuesday, the naira remained stable in the parallel
exchange market, maintaining its closing rate of N1,600 per dollar, consistent
with the previous day’s performance.
The most recent Instance of the naira trading near this
level was on March 15, 2024, when, according to FMDQ data, it was valued at
N1,608.98 per dollar.
The recent fluctuations in the nation’s currency have
persisted despite the Central Bank of Nigeria’s efforts to stabilize the naira
on the foreign exchange market.
In the preceding fortnight, the central bank has transacted
$254.5 million in legitimate foreign exchange dealings.