Naira’s depreciation against dollar continues at FX market

The naira depreciated slightly against the dollar at the official foreign exchange market after the Eid el-Kabir holiday.

FMDQ data showed that the naira weakened to N1,483.02 against the dollar on Wednesday from N1,482.72 traded last Friday.

This represents a slight N0.3 depreciation against the dollar compared to the N1,482.72 traded last Friday.

However, the naira appreciated further to N1,470 against the dollar at the parallel market on Wednesday from N1,480 traded on Tuesday.

Nigeria’s FX market has continued to experience fluctuations since mid-April 2024.

The FX crisis has been a source of concern for financial experts. The director of the Centre for the Promotion of Private Enterprise, Muda Yusuf, said the fluctuation of the naira against the dollar is a contributing factor to Nigeria’s soaring inflation, which rose to 33.95 per cent in May 2024.