Naira depreciates further, trades at N1,690.37/$

The Naira recorded a notable depreciation at the official market on Monday, trading at ₦1,690.37 against the U.S. dollar.

According to data from the FMDQ Exchange, the Naira lost ₦38.12, reflecting a 2.3% decline compared to its value on Friday, November 15, when it traded at ₦1,652.25 per dollar.

In the Investors and Exporters (I&E) window, the Naira fluctuated between ₦1,699.00 and ₦1,633.52 during trading hours, highlighting ongoing volatility in the currency exchange market.

This depreciation underscores the continued challenges facing Nigeria’s foreign exchange market, with stakeholders calling for comprehensive measures to stabilize the Naira amidst economic uncertainties.