Naira Depreciates in the Forex Market by ₦‎64 Against the Dollar

The Naira lost value against the US dollar on Monday, falling to N1,234.49 from N1,169.99 on Friday, according to FMDQ statistics.

In a same vein, the parallel FX market saw a sharp decline on Monday, from N1,100 on Friday to N1200 per dollar.

The Naira had three depreciations last week following months of advances, which led to the current trend.

Recall that in response to the Dollar’s recent surge in the foreign exchange market, the Economic and Financial Crime Commission in Nigeria recommenced its crackdown on cryptocurrency platforms.

The Central Bank of Nigeria, Governor Olayemi Cardoso, stated that the Naira depreciation is the result of repaying foreign loans, despite the fact that economists attributed it to the depletion of Nigeria’s foreign reserves.

The nation’s foreign exchange reserves fell to $32.29 billion as of April 15.

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