The foreign exchange market continues to experience fluctuations, with the Naira facing depreciation against the US Dollar. Official data from FMDQ revealed that on Thursday, the country’s currency slid to N841.14 against the Dollar, marking a decrease from N818 on the previous day.
This represents a notable depreciation of N23.14 compared to the exchange rate observed on Wednesday. Meanwhile, a Bureau De Change operator in Wuse Zone 4, Abuja, named Dayyabu Mistila, reported selling at N1140 and buying at N1125 on Friday morning.
Despite a rise in inflation in Nigeria during October, the Naira had recorded a gain of N31.23 on Wednesday, as reported by SPRINGNEWS. The persistence of foreign exchange fluctuations raises concerns about the stability of the currency in the market.