The naira fell in the official market on Tuesday to N1,602.63/$1, a 0.17% decline from its last close of N1,599.94/$1.
The Nigerian currency has been experiencing significant volatility against the U.S. dollar, rising one day and falling the next.
These fluctuations are majorly driven by increased demand for foreign currency in the Nigerian Foreign Exchange Market (NFEM).
Amid fluctuations in the official market, the naira also fell to N1,600/$1 in the parallel market from last Thursday’s close of N1,585/$1, where it gained 0.94% from its prior close.
Other foreign currencies were not left out, as the naira declined by 0.48% to N2,090/£1 from Thursday’s close of N2,080/£1. In the same vein, the euro depreciated by 2.87% to N1,790/€1, from N1,740/€1.
In recent weeks, the naira has experienced substantial fluctuations, with the Central Bank of Nigeria (CBN) implementing various measures to stabilize the currency, including the unification of the exchange rates.
However, these efforts have yielded mixed results. This instability complicates planning for businesses and investors, as they struggle to ascertain the actual costs and revenue amid the fluctuations.
