24 Hours After Tinubu’s Government Celebrated Naira Slumps Massively Against Dollar
The Naira depreciated significantly against the Dollar at both official and parallel foreign exchange markets on Thursday.
FMDQ data showed that it weakened to N1,649.76 per dollar on Thursday from N1558.75 exchanged on Wednesday.
This represents 91.01 depreciation against the Naira compared with the N1,558.75 exchange rate the previous day.
Further analysis showed that the Naira gained N81 on Wednesday, it fell by 91.01 on Thursday.
Similarly, the Naira depreciated by N5 at the black market to exchange at N1655 per dollar on Thursday from N1650.
The development comes 24 hours after a media aide to President Bola Ahmed Tinubu, Bayo Onanuga celebrated the N1558 per dollar mark.
“The currency closed at 1,558 naira per dollar, its most substantial level against the greenback since Aug. 21”, he stated on Wednesday through his official X account.
According to him, the gain recorded on Wednesday came as the government raised $900 million in its first domestic sale of dollar-denominated bonds.
