Economy
Naira Weakens Drastically in Unofficial Currency Market
In a notable shift, the naira experienced a slight appreciation in the official forex market on Tuesday, marking its first gain this week. According to FMDQ data, the naira edged up to N1,576.66 per dollar from N1,577.29 traded on Monday.
However, the black market painted a different picture. The naira continued its downward trajectory, losing N25 in value. Ashiru Dayyabu, a Bureau De Change operator in Wuse Zone 4, reported that the naira depreciated to N1,585 per dollar on Tuesday, down from N1,560 the previous day.
This development coincides with a decrease in foreign currency transaction turnover, which fell to $138.17 million on Tuesday from $155.53 million recorded on Monday.
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