Naira Slumps Further Against Dollar

On Wednesday, the Naira, Nigeria’s currency, experienced a further decline against the US Dollar in the foreign exchange market.

According to data from the official FMDQ market, the Naira’s closing rate was N874.71 per US Dollar, marking a decrease of N65.51 compared to the previous day’s rate of N809.2 per US Dollar.

In the parallel market, the Naira was traded at N1,110 per US Dollar on Wednesday, slightly higher than the N1,100 rate of the previous day. It’s worth noting that the Naira had strengthened against the Dollar after the Central Bank of Nigeria cleared forex backlogs for some commercial banks and airlines last week, as previously reported by Waffi TV.


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