The Nigerian Naira experienced a significant depreciation against the dollar on Wednesday.
At the official market, the Naira traded at ₦1,687.52 per dollar, representing a 0.51% depreciation from the previous day’s rate of ₦1,678.93.
The depreciation was attributed to ongoing economic pressures and a surge in demand for foreign exchange amidst limited supply.
The Investors and Exporters (I&E) window also saw fluctuations, with the Naira trading between ₦1,705 and ₦1,601.50 per dollar.
Analysts have expressed concerns about the Naira’s stability and have called for strengthened monetary policies to address the persistent challenges in the forex market.
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