Naira Plummets, Exchanging at Over N1,500 Against Dollar

The depreciation of the naira against the US dollar in the foreign exchange market continued, as indicated by data from the parallel market section and FMDQ. On Monday, the naira experienced further depreciation against the dollar.

A Bureau De Change operator in Wuse Zone 4, Mistila Dayyabu, reported that the naira was sold as high as N1,517 per dollar before settling at N1,500 per dollar.

This marked an increase from the N1,450 per dollar it traded at over the weekend. Similarly, at the official market, FMDQ data showed a drop to N1478.11 per dollar on Monday from N1466.31 last Friday, representing an N11.8 decrease.

In response to the inflation rate of 33.22% in March 2024, the Central Bank of Nigeria Governor, Olayemi Cardoso, stated that the apex bank’s Monetary Policy Committee will take necessary measures to address the issue.