Naira massively depreciates by N160 against Dollar in seven days


The Naira’s woes against the US dollar continued as the currency lost a significant N160 in seven days at the foreign exchange market.

Mistila Dayyabu, a Bureau De Change operator in Wuse Zone 4 said that the Naira was sold at N1450 per Dollar on Friday compared to N1,290 the same day last week.

In the parallel market section, the Naira lost a whooping N160 weekly.

Similarly, FMDQ data showed that the Naira closed at N1466.31 per dollar on Friday compared to N1400.40 it traded last Friday.

This represents an N65.91 or N4.5 per cent Naira depreciation against the dollar weekly.

The development comes despite the daily turnover of dollars settling at $113 million on Friday from $84.38 the previous day.

After weeks of decline, Nigeria’s foreign reserve surged to $32.369 billion as of May 6, 2024

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