Naira depreciates massively against dollar after Independence Day

The Naira depreciated significantly against the Dollar at the foreign exchange market upon resumption of trading after Nigeria’s 64th Independence Day holiday.

FMDQ data showed that it weakened to N1669.19 per dollar on Wednesday from N1541.94 exchanged on Monday.

This represents an N127.25 loss against the dollar compared to the N1541.94 traded on Monday.

Meanwhile, at the parallel market, the Naira gained N10 to close at N1690 per dollar on Wednesday compared to the N1700 exchange rate on Monday.

DAILY POST reports that on Monday the depreciated marginally against the Dollar.

For months now, the Naira has continued to fluctuate against the dollar and other foreign currencies.

President Bola Ahmed Tinubu during his Independence Day Speech pleaded with Nigerians to be patient with his economic policies.

On June 14 last year, the Central Bank of Nigeria floated the Naira at the FX market which saw the value of the Country’s currency drop.