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Nigerian Naira Suffers More Blow Against the Dollar

Nigeria’s official exchange rate fell to a month to date low of N1,300/$1 on Tuesday April 23, 2024 according to data from the FMDQ, where the exchange rate trades officially.

This represents a 5.05% depreciation from the N1,234.49/$1 reported on the first day of the week, continuing with the weakness that started on Friday.

 

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The exchange rate has now weakened by 17.49% in a matter of 5 days as concerns mount over the central bank’s ability to sustain the gains recorded in recent weeks.

Key data highlights

According to data from the FMDQ, the exchange rate closed at at N1,300.15/$1 on a total daily turnover of $133.65 million.

– Nairametrics

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