The Naira experienced a significant depreciation against the US Dollar at both the official and parallel foreign exchange markets on Thursday, just a day after Chief Bola Ahmed Tinubu government celebrated a brief gain.
According to data from FMDQ, the Naira weakened to N1,649.76 per dollar on Thursday, down from N1,558.75 on Wednesday, marking a 91.01 depreciation. This came after the Nigerian currency had gained N81 the previous day, only to fall by N91 on Thursday.
In the parallel market, the Naira also saw a decline, trading at N1,655 per dollar on Thursday compared to N1,650 on Wednesday.
The drop follows a statement by Bayo Onanuga, a media aide to Tinubu, who celebrated the N1,558 exchange rate on Wednesday, describing it as the Naira’s strongest performance since August 21.
Onanuga attributed the temporary gain to the government’s successful sale of $900 million in dollar-denominated bonds earlier in the week.
He stated on Wednesday through his official X account, “The currency closed at 1,558 naira per dollar, its most substantial level against the greenback since Aug. 21.”
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