The Naira saw a historic decline on Monday, closing at an all-time low of N1,348.63 against the US dollar in the foreign currency market.
According to data released by FMDO, this is a startling 33.87% drop from Friday’s closing rate of N891.90.
The Naira just crossed the N1,000 per US dollar level on December 8 and December 28, of last year, and this major decline comes after those two occasions.
The Naira suffered even in the parallel forex market, depreciating by 2.76% to N1,450 per US dollar, although forex turnover increased by 36.33% to $64.29 million at the end of trading.
This occurred only one week after the bank invested over $2 billion to settle unfulfilled obligations in the petroleum, aviation, and industrial industries. [CONTINUE READING HERE]
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