18th November, 2024
By Grace Alegba
The Naira experienced a decline on Monday, depreciating by 2.3% at the official market.
It traded at N1,690.37 against the dollar, down from N1,652.25 recorded on Friday, November 15.
According to data from the FMDQ Exchange, the Naira lost N38.12 in value compared to the previous trading day. The decline further reflects the currency’s ongoing challenges amid fluctuating exchange rates.
Additionally, the total daily turnover in the foreign exchange market fell significantly, reaching $173.14 million on Monday, a sharp decrease from $296.63 million on Friday.
At the Investor’s and Exporter’s (I&E) window, the Naira was traded between N1,699.00 and N1,633.52 against the dollar, indicating a broader range of market activity.
The continued depreciation of the Naira has raised concerns among investors and market analysts, as the currency faces pressures from various economic factors. (NAN)
