BREAKING: Naira crashes massively against dollars

The exchange rate between the naira and the dollar has sharply depreciated, hitting around N1,745/$1 on the parallel market, a stark contrast from the sub-N1,600 levels observed just last week.

In an earlier report, Nairametrics had quoted the rate at approximately N1,685/$1. However, the value of the naira quickly slid as business activities resumed after the weekend.

By 10am on Wednesday, December 11, several market rates had surpassed the N1,700/$1 mark, suggesting that the gains seen in the previous week might have been short-lived.

This sharp reversal has sparked concerns among traders, who are attributing the fluctuations to speculation in the market.