Nigeria’s naira has on several occasions in recent weeks tumbled across both the official and unofficial markets amidst an increased forex demand and a significant spike in the prices of goods and services across the country.
The local currency traded at an average of N1500 and above mark at the spot market last week, closing the week on a negative note at N1,665.50/$1 last Friday — the lowest the currency has ever recorded at the segment according to data posted by FMDQ.
Similarly, amidst speculations and uncertainties about supply constraints in the forex markets, the naira extended its depreciation run at the parallel market last week, creating apprehension across the different sectors of the economy. At the segment, the currency traded at a record low of N1,700 and above mark amid increased demand and market uncertainties.
