The Nigerian naira has suffered a severe drop in value, plummeting by N64.5 against the US dollar in the foreign exchange market.
Data from FMDQ reveals that the naira depreciated to N1,234.49 per US dollar on Monday, marking a significant decline from Friday’s closing rate of N1,169.99.
This latest devaluation continues a downward trend, with the naira also losing ground on Friday, falling to N1,169.99 from N1,154.08 on Thursday. The parallel forex market has witnessed a similar decline, with the naira falling to N1,200 per dollar on Monday, down from N1,100 on Friday.
The naira’s recent depreciation follows three consecutive days of losses last week after a period of gains.
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