Naira loses N79 to dollar


The naira depreciated by N79.88 against the dollar at the official foreign exchange market.

FMDQ data showed that the naira closed at N1,419.11 per US dollar on Monday, compared to N1,339.23 last Friday.

This represents a 5.6 per cent depreciation against the dollar compared to N1339.23 on Friday.

Meanwhile, the naira dropped to N1,280 per dollar at the parallel market section on Monday, compared to N1,300 during the weekend.

The development showed that the gap between the official and parallel markets had increased by N139 per dollar.

Bureau De Change operators had earlier revealed plans to harmonise the retail end of the foreign exchange market as a solution to the recent naira appreciation.

For months, the naira appreciated until recent weeks, when it started recording depreciation against the dollar. Experts had blamed naira speculators, Binance, and other cryptocurrency platforms for the recent woes of Nigeria’s currency.

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