Naira depreciates massively against dollar after holiday
The naira depreciated against the dollar on the foreign exchange market upon resumption of work after the Eid-Ul-Mawlid holiday on Monday.
FMDQ data showed that the naira fell to N1656.56 per dollar on Tuesday from N1,546.41 on last Friday.
This represents N110.15 depreciation against the dollar compared to the N1,546.41 exchanged last Friday.
Meanwhile, on the black market, the naira gained N5 to close at N1660 per dollar on Tuesday from N1, 665 exchanged last week.
The development comes as foreign currency transaction turnover closed at $100.39 million on Tuesday.
DAILY POST reports that in the last weeks, the naira had continued to fluctuate against the dollar in the foreign exchange market despite the Central Bank of Nigeria’s intervention.
On Monday, the National Bureau of Statistics’ August inflation figure showed that Nigeria’s inflation eased for the second consecutive time to 32.15 per cent.
Naira depreciates massively against dollar after holiday
Do you want to share a story with us? Do you want to advertise with us? Do you need publicity for a product, service, or event? Contact us on WhatsApp +2348183319097 Email: platformtimes@gmail.com
We are committed to impactful investigative journalism for human interest and social justice. Your donation will help us tell more stories. Kindly donate any amount HERE
