The naira experienced a significant depreciation against the US dollar on Tuesday, closing at N1,669.15 in the official Investor and Exporter window.
This represents an 8.25% decline from the previous closing rate of N1,541 recorded on the last trading day of September.
The decline highlights ongoing challenges in Nigeria’s foreign exchange market as economic pressures continue to mount.
Market turnover also experienced a notable decrease, falling by 2% from $181.86 million on Monday to $176.45 million on Wednesday.
During the trading session, the naira exhibited volatility, fluctuating between a high of N1,699.00 and a low of N1,550.00 before ultimately settling at N1,669.15.
Turnover in the I&E window decreased to $176.45 million, down from $181.86 million the previous day.
The total turnover for September was $3.3 billion, highlighting a decline in trading activity amid current market conditions.
Since the naira fell below the N1,600 threshold in July, it has faced significant challenges, struggling with ongoing market volatility. During this period, the currency has fluctuated between N1,500 and N1,600 as it seeks to stabilize, particularly in times of dollar weakness.
