The naira depreciated further against the dollar as the foreign exchange market resumed trading.
Today’s exchange rate indicates a stark drop, with the Naira trading at ₦1620 to the Dollar for buying and ₦1640 for selling.
At the parallel market, the naira weakened to around N1640 against the dollar on Friday from 1490 last Friday.
This latest slump in the Naira’s value comes amidst ongoing economic challenges in Nigeria, including inflationary pressures, foreign exchange scarcity, and fluctuating oil prices. The depreciation is expected to have wide-ranging impacts on various sectors of the economy, increasing the cost of imported goods and services and putting additional strain on consumers and businesses alike.