The naira started the week on a low note, experiencing a significant decline against the US dollar in the official foreign exchange market.
On Monday, the naira fell to 1,596.60 naira per dollar, a drop from the 1,570.14 naira per dollar recorded last Friday. This represents a notable depreciation of 26.46 naira.
In addition to this, the naira also lost ground in the parallel market, where it exchanged at 1,620 naira per dollar, compared to 1,615 naira per dollar the previous week.
This five naira decline further underscores the currency’s ongoing struggle against the dollar.
The recent downturn is part of a broader trend that has seen the naira’s value drop significantly.
In July 2024 alone, the naira depreciated by 72.58 naira against the dollar, as reported by the FMDQ Financial Market.
The continuous fall of the naira highlights ongoing challenges in Nigeria’s foreign exchange market.