In a concerning development in the financial market, the Nigerian naira has experienced a significant depreciation, reaching an alarming rate of N1,100 per US dollar. This sharp decline was observed in the exchange market, causing apprehension and raising economic concerns.
Traders and financial analysts have been closely monitoring this development, pointing to increased scarcity of foreign exchange as a primary reason behind the depreciation. Forex transactions involving inflows have been reported to range between N1,100 to N1,110.
The naira’s decline is evident as it also dropped to N1,040 per US dollar in the parallel market as of the latest update on Thursday. The situation underlines the existing disparities between the official exchange rate, which remains at N776.8 per US dollar, and the rates experienced by Nigerians in the informal market.
This downturn in the value of the naira has raised anxieties among traders and the public at large, urging authorities to take immediate and decisive steps to address the situation and stabilize the exchange rate for the benefit of the economy and its citizens.
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