Naira Falls Sharply Against Dollar After Holiday, Black Market Sees Small Gain; See value against dollars
The naira significantly weakened against the dollar when trading resumed after the Eid-Ul-Mawlid holiday. According to FMDQ data, the naira fell to N1,656.56 per dollar on Tuesday, down from N1,546.41 last Friday, marking a drop of N110.15.
In contrast, on the black market, the naira improved slightly, strengthening by N5 to close at N1,660 per dollar, compared to N1,665 the previous week.
This shift occurred as foreign currency transactions totaled $100.39 million on Tuesday. Despite recent interventions by the Central Bank of Nigeria, the naira has been fluctuating against the dollar. Additionally, the National Bureau of Statistics reported that Nigeria’s inflation rate decreased to 32.15% in August, marking the second consecutive month of easing inflation.
