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Naira depreciates massively against dollar after holiday - DAILY POST
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The naira depreciated against the dollar on the foreign exchange market upon resumption of work after the Eid-Ul-Mawlid holiday on Monday.
FMDQ data showed that the naira fell to N1656.56 per dollar on Tuesday from N1,546.41 on last Friday.
This represents N110.15 depreciation against the dollar compared to the N1,546.41 exchanged last Friday.
Meanwhile, on the black market, the naira gained N5 to close at N1660 per dollar on Tuesday from N1,665 exchanged last week.
The development comes as foreign currency transaction turnover closed at $100.39 million on Tuesday.
DAILY POST reports that in the last weeks, the naira had continued to fluctuate against the dollar in the foreign exchange market despite the Central Bank of Nigeria’s intervention.
On Monday, the National Bureau of Statistics’ August inflation figure showed that Nigeria’s inflation eased for the second consecutive time to 32.15 per cent.
