The Naira saw a significant depreciation against the dollar in the foreign exchange market. FMDQ data revealed the Naira dropped to N1561.98 per dollar on Wednesday from N1532.58 on Tuesday, marking a N29.4 decrease. Similarly, in the parallel market, the Naira fell to N1560 per dollar from N1540.
This recent drop surpasses the previous N22.91 depreciation observed from last Friday to Wednesday. Despite Nigeria's external reserves rising to $34.66 billion as of July 4, 2024, the Naira is nearing N2000 per dollar, a level last approached on February 20, 2024, when it traded at N1825.
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