Once again, the Naira experienced a decline of N64.5 against the US dollar in the foreign exchange market.
Data from FMDQ revealed that on Monday, the Naira fell to N1,234.49 per US dollar, compared to N1,169.99 on Friday.
Furthermore, FMDQ data showed that on Friday, the Naira depreciated to N1,169.99 per Dollar in the foreign exchange market, down from N1,154.08 on Thursday.
Consequently, the parallel forex market saw a drop to N1200 per Dollar on Monday, down from N1,100 on Friday.
This decrease follows three depreciations of the Naira last week, breaking a streak of months with gains.
Notably, the Economic and Financial Crime Commission has resumed its crackdown on cryptocurrency platforms in Nigeria amidst the recent surge of the Dollar in the FX market.
While analysts attribute the Naira’s depreciation to the depletion of Nigeria’s foreign reserves, Governor Olayemi Cardoso of the Central Bank of Nigeria stated it is a result of foreign loan repayments.
By April 15, the country’s FX reserves had fallen to $32.29 billion.