In a notable downturn, the Nigerian Naira witnessed a substantial decline against the US Dollar on Friday in the official foreign exchange market.

Official data from FMDQ revealed that the Naira depreciated to N1099.05 on Friday, marking a significant drop from N843.07/$1 recorded on Thursday. This represents a considerable N255.98 loss in the local market compared to the previous day’s closing rate.

This occurrence marks the first instance in two months that the country’s currency has been exchanged at over 1,000 in the official exchange rate.

Despite an increase in dollar supply to $137.35 on Friday from $135.58 million on Thursday, the Naira’s value continued to diminish. The parallel market also witnessed a depreciation, with the Naira exchanging at N1180/$1 on Friday, compared to the previous rate of 1170/$1 on Thursday.

Dayyabu Mitstila, a Bureau de Change operator in Zone 4, Abuja, confirmed these figures to DAILY POST on Saturday, stating, “On Friday, we sold the US Dollar at N1180/$1 and bought at N1170/$1.”

It’s noteworthy that the Central Bank of Nigeria recently increased the exchange rate for cargo clearance from N783/$ to N952/$ amid the ongoing foreign exchange crisis. Despite Governor Olayemi Cardoso’s expressed optimism about Naira stability, fluctuations in the FX market persist since the CBN floated the country’s currency on June 14.

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