Naira records lowest exchange rate against dollar in four months

Naira’s depreciation against the dollar reached the lowest mark since March 2024 on Tuesday.

FMDQ data showed that the Naira slumped further to N1,621.12 per dollar on Tuesday from the N1,611.40 exchanged on Monday, recording N9.72 losses.

At the parallel exchange market, the naira remained flat, closing at N1,600 per dollar rate on Tuesday, the same as on Monday.

The last time the naira exchanged around this mark was on March 15, 2024, when it stood at N1,608.98 per dollar according to FMDQ data.

This development comes as the nation’s currency continues to suffer fluctuations despite the Central Bank of Nigeria’s intervention to defend the naira on the FX market.

DAILY POST reports that in the last 14 days, the apex bank had sold $254.5 million to legitimate FX dealers.