By Milcah Tanimu
The Naira experienced a sharp decline against the dollar in the foreign exchange market.
According to FMDQ data, the Naira weakened significantly to ₦1561.98 against the dollar on Wednesday, down from ₦1532.58 traded on Tuesday.
This represents a loss of ₦29.4 compared to Tuesday’s trading value of ₦1532.58.
Similarly, in the parallel foreign exchange market, the Naira fell to ₦1560 per dollar on Thursday, down from ₦1540 the previous day.
Further analysis indicated that the Naira lost ₦29.4 and ₦20 against the dollar on Thursday in both official and parallel foreign exchange markets.
This depreciation surpasses the ₦22.91 drop recorded from last Friday to Wednesday.
The ongoing decline in the country’s currency brings it closer to the ₦2000 per dollar mark, despite Nigeria’s external reserves increasing to $34.66 billion as of July 4, 2024.
The last time the Naira neared the ₦2000 per dollar mark was on February 20, 2024, when it traded at ₦1825.
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