Naira Suffers Significant Depreciation Against US Dollar
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| Naira Suffers Significant Depreciation Against US Dollar |
In the parallel market, the naira also dropped in value, trading at N1,280 per dollar on Monday, down from N1,300 over the weekend. This widening gap between the official and parallel markets has increased by N139 per dollar.
The Nigerian naira has experienced a substantial depreciation against the US dollar, losing N79.88 in value at the official foreign exchange market. According to FMDQ data, the naira closed at N1,419.11 per US dollar on Monday, representing a 5.6% depreciation compared to N1,339.23 on Friday.
In the parallel market, the naira also dropped in value, trading at N1,280 per dollar on Monday, down from N1,300 over the weekend. This widening gap between the official and parallel markets has increased by N139 per dollar.
Bureau De Change operators have proposed harmonizing the retail end of the foreign exchange market to address the recent naira appreciation, which had persisted for months before reversing in recent weeks. Experts attribute the naira's woes to speculators, Binance, and other cryptocurrency platforms.
This significant depreciation raises concerns about the naira's stability and its impact on the Nigerian economy. As the country grapples with currency fluctuations, it is essential to explore strategies to mitigate the effects of exchange rate volatility and promote economic growth.
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