On Tuesday, the Nigerian Naira witnessed its lowest exchange rate against the US dollar since March 2024, marking a significant depreciation.
According to data from FMDQ, the Naira fell to N1,621.12 per dollar on Tuesday, down from N1,611.40 the previous day, resulting in a loss of N9.72.
Meanwhile, in the parallel exchange market, the Naira maintained its rate at N1,600 per dollar on both Tuesday and Monday.
This recent exchange rate is reminiscent of March 15, 2024, when the Naira was valued at N1,608.98 per dollar based on FMDQ data.
Despite efforts by the Central Bank of Nigeria to stabilize the currency through interventions in the foreign exchange market, the Naira continues to experience fluctuations.
Reports from NewsNow indicate that over the past two weeks, the central bank has sold $254.5 million to authorized foreign exchange dealers.