Naira plummets against Dollar, hits ₦1,416 in official market
In a concerning turn of events, the Nigerian naira experienced a sharp depreciation against the dollar, trading at ₦1,416.57 on Tuesday, according to data from the FMDQ Exchange. This significant drop, amounting to ₦62.36 loss, reflects a staggering 4.60% decline compared to its value in the previous trading session when it stood at ₦1,354.21 per dollar.
Despite the unsettling dip in the naira’s value, the total daily turnover surged to 160.77 on Tuesday, witnessing a notable increase from the $84.83 million recorded just a day earlier.
Meanwhile, at the Investor’s and Exporter’s (I&E) window, the naira displayed a fluctuating trend, trading within the range of 1,445 and ₦1,301 against the dollar. This variability underscores the volatility of the foreign exchange market and the challenges faced by investors and traders in navigating currency fluctuations.
The latest depreciation in the naira’s value raises concerns about its stability and the overall economic landscape in Nigeria. It highlights the ongoing pressures faced by the local currency amidst global economic uncertainties and internal challenges.
As stakeholders monitor the evolving forex dynamics, market participants are bracing themselves for potential impacts on trade, investment, and consumer purchasing power. The resilience of the naira remains a focal point for policymakers and financial authorities as they seek to mitigate risks and foster economic stability.
[Keywords: Naira, dollar, depreciation, FMDQ Exchange, Nigerian Autonomous Foreign Exchange Market (NAFEM), currency fluctuation, Investor’s and Exporter’s (I&E) window, economic stability, forex dynamics]
