Business News

BREAKING: Naira volatility continues as Intra-day high reaches N1,712 amid rising forex demand 

The Naira experienced a sharp depreciation against the US dollar on February 19, 2024, reaching an intra-day high of N1,712.  

The domestic currency depreciated by 3.78% to close at N1,598.54 to a dollar at the close of business, data from the NAFEM where forex is officially traded, showed. 

In the cryptocurrency market where forex is sold using stablecoins, the Naira also settled at N1,717.01/$1. 

TheTimes reported that the parallel market exchange rate has experienced a significant decline, plummeting to a record low of N2040 per Great Britain Pound (GBP), driven by persistent demand pressures that continue to erode the currency’s value.   

The current economic situation requires effective and comprehensive measures to address the underlying factors driving currency depreciation and inflation.  

Back to top button