Naira loses N79 to dollar

At the official foreign exchange market, the value of the naira decreased by N79.88 relative to the US dollar. 

The naira closed at N1,419.11 per US dollar on Monday, down from N1,339.23 last Friday, according to FMDQ statistics. 

This indicates a 5.6% decline in value relative to the US dollar from N1339.23 on Friday. 

In the meantime, the naira fell from N1,300 over the weekend to N1,280 per dollar at the parallel market area on Monday. 

According to the development, there was an N139 increase in price per dollar between the official and illicit markets. 

In response to the recent naira appreciation, Bureau De Change operators had previously disclosed plans to unify the retail end of the foreign currency market.

The naira has appreciated against the dollar for months but has begun to lose value in recent weeks. Experts have attributed the recent problems with Nigeria’s currency to speculators trading naira, Binance, and other cryptocurrency sites.

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