The volatility of the Naira against the US dollar continues to send shockwaves of uncertainty through Nigeria’s economy, affecting investors’ confidence.
Last week, there was a brief respite as the country’s currency strengthened against the dollar, trading at N970/$1 in the parallel market compared to N1300/$1 the previous week.
However, the naira started this week on a weak note, with exchange rates ranging from N1000 to N1020/$1 on Monday. This represents a slight depreciation from the N970/$1 rate over the weekend.
Similarly, at the official FMDQ market, the Naira depreciated slightly by 4.24 percent to N809.02/$1, down from N780.03/$1 on Friday.
Meanwhile, Foreign Exchange Reserves in Nigeria increased to $33,340 million in October from $33,240 million in September 2023.
DAILY POST reports that the Naira has continued to fluctuate since the Central Bank of Nigeria floated the currency in the forex market on June 14, causing concerns among industry stakeholders.
Kalu…