The Nigerian Naira took a significant hit on Monday, losing ₦70.65 in value according to data from the FMDQ Exchange, which regulates the Nigerian Autonomous Foreign Exchange Market (NAFEM). This 4.41% decrease brought the Naira down to ₦1,600 per dollar, from the rate recorded on Friday, October 25.
In addition to the devaluation, the market also saw a sharp decline in daily trading turnover, dropping from $284.93 million on Friday to $81.17 million on Monday. Within the Investor and Exporter (I&E) window, the Naira’s value fluctuated between ₦1,677 and ₦1,585.67 against the dollar.
This downturn adds to growing concerns over the stability of Nigeria’s foreign exchange market, as pressures mount amidst high dollar demand and currency volatility.
