Naira crashes again, hits N1,419 per dollar

The naira experienced a significant depreciation of N79.88 against the dollar in the official foreign exchange market.

According to FMDQ data, the naira concluded at N1,419.11 per US dollar on Monday, marking a notable increase from N1,339.23 recorded last Friday.

This indicates a 5.6 percent depreciation against the dollar compared to the previous Friday’s rate of N1,339.23.

In parallel, the naira declined to N1,280 per dollar in the informal market segment on Monday, down from N1,300 over the weekend.

This development underscores a widened gap of N139 per dollar between the official and parallel markets.

Previously, Bureau De Change operators had unveiled intentions to streamline the retail aspect of the foreign exchange market to address the recent fluctuations in the naira.

While the naira had been experiencing a trend of appreciation for months, recent weeks have seen it facing depreciation against the dollar. Experts have attributed this to naira speculators, as well as to Binance and other cryptocurrency platforms, citing them as factors contributing to the recent challenges confronting Nigeria’s currency.