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.
Get instant and latest news updates via Our WhatsApp Community, X/Twitter or Google News online channel.