Economy
Naira Continues Losing Streak Against Dollar as Depreciation Hits N22 in Two Days
The Nigerian naira has extended its losing streak against the US dollar, facing significant depreciation despite heightened foreign exchange transaction activity.
According to data from FMDQ, the naira weakened to N1532.58 against the dollar on Tuesday, sliding from N1523.85 recorded the day before. This represents a depreciation of N8.73 compared to Monday’s rate.
The depreciation occurred amidst an uptick in foreign currency transaction turnover, which surged to $188.19 million on Tuesday from $133.46 million the previous day.
Similarly, in the parallel foreign exchange market, the naira depreciated to N1540 on Tuesday, down from N1530.
Analysts noted that from last Friday to Tuesday, the naira experienced losses amounting to N22.91 and N15 at the official and parallel markets, respectively. This decline contrasts with the increase in Nigeria’s external reserves, which rose to $34.66 billion as of June 4, 2024.
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