Naira slumps further, hits ₦1,416 against Dollar at official market
In a concerning development, the Nigerian naira witnessed a significant depreciation at the official market, trading at ₦1,416.57 to the dollar. Data sourced from the official trading platform of the FMDQ Exchange, responsible for overseeing the Nigerian Autonomous Foreign Exchange Market (NAFEM), revealed that the naira experienced a notable loss of ₦62.36. This equates to a staggering 4.60% decrease compared to its value on the previous trading day, where it stood at ₦1,354.21 against the dollar.
Despite the unsettling depreciation, the total daily turnover saw a substantial increase, climbing to 160.77 from the $84.83 million recorded on Monday. The surge in turnover hints at heightened market activity amidst fluctuating currency values and economic uncertainties.
Meanwhile, at the Investor’s and Exporter’s (I&E) window, the naira exhibited a wide trading range, fluctuating between ₦1,445 and ₦1,301 against the dollar. This variability underscores the volatility plaguing the foreign exchange market, further exacerbating concerns among investors and market participants.
As the naira continues to grapple with downward pressure and volatility, stakeholders remain vigilant, closely monitoring market dynamics and regulatory interventions aimed at stabilizing the currency. However, the persistent depreciation underscores the need for comprehensive economic reforms and prudent monetary policies to address underlying structural challenges and restore confidence in the Nigerian economy.
