Nigeria News
Naira crashes for second consecutive time against dollar in new exchange rate
The Naira has slumped for the second consecutive time against the dollar in the foreign exchange market.
FMDQ data showed that the Naira further depreciated to N1488.60 on Wednesday from N1476.95 traded on Tuesday, representing an N11.65 loss against the dollar.
Meanwhile, in the parallel market on Wednesday, the Naira maintained its value at N1,500 against the dollar, the same figure as on Tuesday.
This development comes as foreign exchange transactions turnover stood at $236.99 million on Tuesday.
Recall that Nigeria’s foreign reserves dropped by $1.8 billion in 10 weeks.
The country’s forex market has continued to experience fluctuations since mid-April 2024, despite the Central Bank of Nigeria’s interventions. FMDQ Securities Exchange data showed that the apex bank sold $575 million to banks as an intervention in May 2024.
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