Naira Depreciates Against the Dollar, Marking a Rough Start to the Week
Nigeria’s naira depreciated by ₦26.46 against the US dollar on Monday, marking a challenging start to the week as the currency continues its downward trend in the foreign exchange market.
The naira weakened against the US dollar on Monday, signaling a challenging start to the week for Nigeria’s currency in the foreign exchange market. The naira saw a significant depreciation of ₦26.46 against the dollar. This development is particularly concerning as it comes amid ongoing pressures on the naira, which has been on a downward trend.
According to the FMDQ Financial Markets Report, the naira could further depreciate to ₦72.58 against the dollar by July 2024, highlighting the continuing strain on Nigeria’s economy and its currency’s stability.
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