Economy
Naira Weakens by N12.29 as Dollar Demand Rises
The naira suffered a significant drop against the dollar on Wednesday, losing N12.29 just 24 hours after a brief appreciation. According to data from FMDQ, the exchange rate fell from N1594.27 per dollar on Tuesday to N1606.56 per dollar on Wednesday.
In the parallel market, however, the naira held steady, trading at N1620 per dollar—the same rate as on Tuesday.
This decline occurred amid an increase in foreign exchange transaction turnover, which rose to $160.94 million on Wednesday, up from $156.94 million the day before.
Despite continued interventions by the Central Bank of Nigeria (CBN), including the recent Retail Dutch Auction System, the naira’s value has continued to fluctuate against the dollar and other major currencies.
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