Nigeria News

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.

Attah Michael

Recent Posts

Latest update on fuel price hike, fuel scarcity for November 22nd, 2024

As Nigerians express their frustrations over the recent fuel price hikes by the Nigerian National…

34 mins ago

Full List of 80,000 delisted companies published by CAC

The Corporate Affairs Commission (CAC) has officially removed companies that failed to file their annual…

42 mins ago

Amended NDLEA Act: Senate approves life imprisonment for drug traffickers, rejects death penalty

The Senate on Thursday agreed with the House of Representatives' recommendation to replace the death…

1 hour ago

Monday Odigie steps down as Bendel Insurance coach

Monday Odigie, the coach of Bendel Insurance Football Club of Benin, has resigned from his…

2 hours ago

Lewandowski reflects on missed Manchester United transfer

Robert Lewandowski has reflected on the time he nearly joined Manchester United in 2012, only…

2 hours ago

Okoye reflects on Super Eagles return after two years

Maduka Okoye has reflected on his first appearance for the Super Eagles in two years.…

2 hours ago