The Naira has fallen by N34 against the dollar in just 24 hours, raising concerns over Nigeria’s economic stability.
On Thursday, the official market saw an astounding depreciation of the Nigerian currency called Naira, which reached a record low value of N1,639.41 per dollar.
The rate has experienced a sharp drop from N1,606 of the previous day to indicate a dramatic loss of N34.
Read Also:Parallel Market Update: Naira Weakens Against Dollar
Similarly, the illicit market experienced a decline in value of the naira as its exchange rate dropped from N1,640 to N1,645 per dollar.
The declining exchange rates indicate that the economic hardships are becoming more profound and raise apprehensions about the endurance of the country’s currency.
The plummeting value of the naira is being closely monitored by analysts and market observers, with potential effects on both Nigerians’ daily lives and the economy.
