The Nigerian naira experienced a significant depreciation, fluctuating between 1,005 and 1,025 naira to the dollar in the parallel market.
Since the Central Bank of Nigeria allowed the naira to freely float against major world currencies in June, the national currency has been consistently weakening.
This depreciation is causing challenges for manufacturers in sourcing raw materials, leading to the potential layoff of workers and business closures.
The weakening naira has forced manufacturers to reduce production, employment, and raw material imports.
Bureau de Change operators reported the naira’s fluctuation between 1,005 and 1,025 to the dollar on Tuesday in the black market.
Official data from the FMDQ showed a slight naira depreciation, with the rate ending at 765.83 naira to the dollar on Tuesday, compared to 765.02 naira on Monday on the Investors & Exporters FX window.
The official market reported a total turnover of $60.30 million.
