The Nigerian naira’s value took a significant hit as business activities commenced today, falling to a startling N1,210 against the US dollar.
This marked a notable decline from the previous week’s closing rate of N1,170 in the parallel market.
Meanwhile, at the Nigerian Autonomous Foreign Exchange Market (NAFEM), often referred to as the Importers and Exporters window, the naira experienced a notable depreciation of 5.4% last week, with the exchange rate hitting NGN808.27 to the US dollar.
Market observers have attributed the ongoing decline in the naira’s value to the persistent scarcity of the US dollar in the market. This trend has left traders and investors alike closely monitoring the situation, with hopes for a reversal of the naira’s downward spiral in the near future.