Naira depreciates against Dollar

Nigeria’s currency, the Naira, experienced a marginal depreciation against the US Dollar in the foreign exchange market on Tuesday.

Data from the official FMDQ market indicated that the Naira ended the day at 809.2 Naira per US Dollar, reflecting a decrease of 28.3 Naira from the previous day when it traded at 780.09 Naira per US Dollar.

In the parallel market, the Naira was exchanged at rates ranging from 1030 to 1100 Naira per US Dollar on Tuesday. Additionally, on the Binance P2P market, the Naira was sold at a rate of 1020 Naira per US Dollar.

Tope Fasua, a Special Adviser on the Economy to President Bola Ahmed Tinubu, has warned the currency speculators.

He stated, “For those speculating and hoping that the currency will weaken, I believe that the central bank is implementing policies, and the government, led by the President, will surprise some of them.”

He made these remarks during a book launch event in Abuja on Tuesday.

Fasua expressed confidence that the Naira would appreciate to 600 Naira per US Dollar in the near future as President Tinubu’s administration implemented policies to bolster the country’s currency.

Naira depreciates against Dollar